6th May 2015 06:54
LONDON (Alliance News) - Intu Properties PLC Wednesday said its key operating metrics have been stable so far in 2015, with footfall in its retail properties unchanged and occupancy falling to 94% from 95% reflecting seasonal patterns.
The retail property investor said it was seeing a continued improvement in retailer demand, with 44 new long-term leases agreed in the weeks from the start of the year to May 6 for GBP7 million in new annual rent, 10% above previous passing rent and in line with valuation assumptions.
"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," Chief Executive David Fischel said in a statement.
Intu said it is pressing ahead with its GBP1.3 billion investment programme in the UK, with restaurant projects at intu Metrocentre and intu Bromley now underway.
The company had cash and available facilities of over GBP500 million at the end of March, giving it headroom for its present development activities.
By Steve McGrath; [email protected]; @stevemcgrath1
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