16th May 2014 08:22
LONDON (Alliance News) - Specialist retail property company Capital & Regional PLC Friday said it signed 24 lettings and renewals in the first quarter, securing income of GBP1.6 million, with the lettings achieved 2.1% above their estimated rental value.
Capital & Regional, which owns Waterside shopping centre in Lincoln, said it has seen "encouraging" year-on-year increase in footfall of 2.4% across its portfolio in the first fourth months of 2014 to end-April.
Capital & Regional said its UK Shopping Centre business has seen a small reduction in contracted rent since December to EUR69.9 million at May 15 from EUR70.6 million.
The reduction was primarily a result of insolvencies that occurred during the first quarter of 2014 and the seasonal reduction in income from temporary tenants, it said. However Capital & Regional said these factors were countered by a strong letting performance that is continuing to accelerate in the second quarter.
The company said refurbishment works at Redditch's Kingfisher Shopping Centre Leisure Hub development and reconfiguration at the Waterside Centre Lincoln have now been completed.
At the Waterside Shopping Centre in Lincoln, Jones the Bootmaker has taken a 10-year lease on a 2,000 square foot unit and a cosmetics retailer is preparing to sign a 10-year lease on a 1,700 square foot unit.
Capital & Regional shares were up 0.5% at 44.85 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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