Shopping centre operator Intu reports strong half year results

By

Barbara Santamaria

Published
Jul 28, 2016

UK shopping centre owner and operator, Intu Properties signed 82 long-term leases in the UK during the first half of 2016, and 16 new lettings in Spain.

The company increased like-for-like net rental income by 7.5%, reflecting increased occupancy and the benefits of unit reconfigurations.

“Our established retailers, such as Zara and Next, have been upsizing space and we have welcomed new lifestyle brands and international retailers at a time when the supply of quality retail space is limited,” commented David Fischel, Chief Executive.

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“We continue to focus on strengthening and improving our prime regional shopping centres, introducing new leisure concepts and increasing the dwell time of our 400 million customer visits per year. "

Footfall across shopping centres in the UK and Spain increased by 1.3%, while estimated retailer sales grew by 0.2% in the period.

In the first half of 2016, Intu acquired the remaining 50% interest in Intu Merry Hill estate for £410 million and sold its stake in Equity One, thus completing its exit from the US market.