Intu Properties-Interim results for the six months ended 30 june 2018

Posted On Thursday, 26 July 2018 11:03 Published by
Rate this item
(0 votes)

Intu Properties-Interim results for the six months ended 30 June 2018 winning destinations drive a resilient performance in a challenging market.

 DAVID-FISCHEL

David Fischel, intu Chief Executive, commented:

"During a period of weakening sentiment in the retail market which has impacted prime shopping centre valuations, intu has delivered a resilient operational performance in the first half of 2018. This reflects the high quality of our business which was able to perform in a challenging retail environment.

Our occupancy level remains high at 97 per cent with aggregate lettings 6 per cent ahead of previous rents.

Like-for-like net rental income grew for the fourth consecutive year, by 1.3 per cent in the period, driven by new lettings and rent reviews, despite a 0.9 per cent hit from tenant failures.

We agreed 116 long term leases amounting to GBP16 million of annual rent to a number of new international entrants, as well as established key  fashion brands such as Zara, River Island, Abercrombie & Fitch, Jo Malone, Jack Wills and The White Company.

We look forward to the opening of the GBP180 million intu Watford extension in October, followed by the GBP72 million intu Lakeside leisure extension in the first half of next year.

The Spanish business again had a strong six months with high occupancy and strong letting activity.

Intu is the UK's only national consumer facing shopping centre brand with a growing digital presence, attracting 400 million customer visits per annum, with over half the UK population visiting an intu centre each year.

Intu centres are in prime locations with high footfall and offer plenty of opportunities to increase density through additional mixed use developments. They have remained prime because we have always adapted and responded vigorously to the ever changing retail environment with continued investment and creative asset management satisfying the needs of retailers."

Last modified on Thursday, 26 July 2018 11:16

Most Popular

Tshwane Regional Mall Is Inevitable

Jul 26, 2018
TSHWANE REGIONAL MALL
The company hosted a site walkabout to showcase this majestic development meant to…

2018 South African Institute Of Black Property Practitioners(SAIBPP) annual convetion to address'The new normal' In SA property

Jul 24, 2018
Nkuli Bogopa-SAIBPP
The South African Institute of Black Property Practitioners (SAIBPP) will be hosting its…

Investec Property Fund announces leadership changes

Jul 30, 2018
Nick Riley
Nick Riley to assume broader leadership role within Investec Bank Limited (“IBL”), with…

Liberty Two Degrees unlocks value in line with strategic objectives

Jul 25, 2018
Amelia Beattie
Liberty Two Degrees (“L2D”), a premier retail and South African focused REIT, today…

Intu Properties-Interim results for the six months ended 30 june 2018

Jul 26, 2018
DAVID FISCHEL
Intu Properties-Interim results for the six months ended 30 June 2018 winning…

Please publish modules in offcanvas position.