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Published
Jul 30, 2015
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Shopping centre company Intu posts increase in H1 net rental income

Published
Jul 30, 2015

British regional shopping centre owner and developer Intu, which has shopping centres including the Trafford Centre and Lakeside, has published its results for 2015's first half.

Photo: Intu - Intu


David Fischel, Chief Executive, commented: “Intu has recorded a strong first half of 2015 with 6 per cent growth in underlying earnings per share and a £162 million (1.9 per cent) revaluation surplus, taking our total property value to £9.5 billion. We were particularly encouraged by the continued improvement in retailer demand for quality space in pre-eminent destinations, with leases signed in the period in aggregate a healthy 12 per cent above previous passing rent and we have a promising number of further lettings in the pipeline."

The company saw net rental income increase from £189.2m in H1 2014 to £207.6m in the first half of 2015. However, profit for the period fell from £602.3m to £262.3m as its property revaluation surplus declined from £573.3m to £162.2m.

The company said there was a continuing demand for quality space, both in the UK and Spain, with 107 long term leases signed for £18 million new annual rent, 12 per cent above previous passing rent and in line with valuation assumptions. It saw estimated retailer sales rise by 3.4% in the period.
 

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