Growth continues at intu

Published:  03 May, 2017

Trading statement shows resilient occupancy and footfall with rents growing

Intu Properties has issued a trading update for the period from 1 January 2017 to 3 May 2017. The retail landlord has experienced continued active retailer demand with 42 long-term leases agreed at a combined annual rent of £6m, 5 per cent above previous passing rents.

Occupancy is 95.8 per cent, marginally reduced from 96.0 per cent at 31 December 2016 reflecting seasonal fluctuations since Christmas. Year-on-year footfall to date is unchanged and continuing to outperform the UK ShopperTrak benchmark which is down by 2.5 per cent.

Intu is forecasting like-for-like net rental income for the year in the range of 0-2 per cent. This is expected to be down in the first half, against the strong 2016 comparative, and up in the second half year and takes account of the impact of up to 2 per cent from units being held for redevelopment and the full year impact of BHS closures.

Chief Executive David Fischel said: “Although retailers are being selective with their expansion plans, they are prioritising expansion to prime established locations with strong footfall. intu as the UK market leader with 17 prime centres is well positioned to take advantage of this demand. The environment for business this year is likely to be challenging with considerable uncertainty regarding the UK’s EU exit. However, it is our intention to deliver continuing growth in like-for-like net rental income.”

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