Continued improvement in retailer demand with 44 new long term leases agreed for £7 million new annual rent, 10 per cent above previous passing rent and in line with valuation assumptions.

David Fischel, Chief Executive of Intu, commented: “The continuing improvement in the letting market and overall performance at centre level are encouraging. We are moving forward strongly on a number of fronts and particularly with our active development projects both in the UK and Spain”

New brands to centres such as Kiko and Swatch at intu Victoria Centre where retailers are responding to the improved mall environment and Kurt Geiger at intu Lakeside where the tenant mix continues to strengthen. 

Footfall grew in Spain at both Puerto Venecia and Parque Principado along with encouraging increases in retailer sales. 

Intu has a UK development pipeline of £1.3 billion over the next ten years to add 2.6 million sq. ft. of new retail and leisure space, of which 2 million sq. ft. is already consented. Major projects due to be underway soon include the extension and refurbishment at intu Watford and the hotel development expansion at intu Lakeside.