6th Jul 2015 09:02
LONDON (Alliance News) - Capital & Regional PLC Monday said its portfolio of six mall shopping centres increased in value over the first six months of 2015.
The UK-focused real estate investment trust said the value of the portfolio increased by 6.2% to GBP791.0 million between December 30, 2014 and June 30, citing strength in the property investment market and its own asset management initiatives.
The company said that GBP4.5 million was spent on the mall portfolio in the first half of the year, a period during which The Mall Walthamstow in London was refurbished. The company expects a pick-up in investment in the second half of the year, with the refurbishment at Maidstone and the reconfiguration of a key part of The Mall Blackburn set to start. It is also investing about GBP12 million through its 50% joint-venture interest in The Buttermarket Centre Ipswich.
"This increase in property valuations demonstrates the quality of our portfolio of dominant shopping centres and the important progress we have made with our long term capex investment plans. These plans, together with the work now underway at the newly acquired scheme in Ipswich, provide cause for a positive outlook on income growth, which is expected to drive future increases in valuations," Chief Executive Hugh Scott-Barrett said in a statement.
The CEO said mall occupancy and contracted rent at the end of May was higher than at the same point of the prior year."
"This follows a period of strong letting and lease renewal activity, alongside which our tracking of retailers' turnover is showing an encouraging trend and Mall footfall figures are in line with last year and ahead of our benchmark," Hugh Scott-Barrett said.
Capital & Regional shares were up 0.8% at 57.95 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Capital & Regional