5th Nov 2013 08:29
LONDON (Alliance News) - Intu Properties PLC Tuesday said it signed 57 long leases between July 1 and November 5 as recovery in the UK retail market boosted tenant confidence.
The shopping centre group said the 57 new additions brought the total long-term leases for the year to 152, producing GBP33 million of new annual rent, 4% above previous passing rent. This included two new lettings to high-street favourite Next.
Intu, formerly Capital Shopping Centres, said 48 new shops have opened at its centres since June, with a total of 125 so far this year representing about 5% of its 2,600 units.
The firm, which owns the Trafford Centre in Manchester and Lakeside shopping centre in Essex, said plans are underway to expand the business with planning applications approved for new restaurants at Intu Bromley and Intu Victoria Centre.
The company has also made applications for leisure and catering extensions at its Watford and Essex shopping sites and raised GBP170 million in July to help fund this GBP1 billion development programme.
Occupancy levels remain unchanged at 95% at June, while there were no significant tenant failures during the period, Intu said.
Overall, net external debt was unchanged in the quarter at GBP3.6 billion, and cash and available lending facilities stood at GB363 million.
Intu shares were trading at 344.00 pence per share, down 1.80p.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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