Intu records 10% rent rise

Trafford Centre and Arndale owner Intu Properties completed 44 long-term leases, worth a total of £7m a year in rent, in the four months from 1 January to 6 May 2015 across its portfolio.

In an AGM update, the mall investor said that rents were 10% above previous passing rents and in line with valuations.

The 15 new restaurant lettings across the portfolio included Wagamama and Coast to Coast at intu Trafford Centre.

Units entering administration in the period were Bank, Blott and USC, with Blott and USC continuing to trade. According to Intu these administrations amount to 1% of its rent roll.

Year-on-year footfall to date was unchanged, and occupancy reduced marginally since 31 December 2014 from 95% to 94% reflecting seasonal fluctuations since Christmas.

Intu is currently conducting a £1.3bn investment programme across its UK assets, supported by cash and available facilities of more than £500m as of 31 March 2015.

There was a 40% year-on-year growth in website traffic at following the introduction in 2014 of a fully mobile responsive site and the increase in the number of participating retailers.

David Fischel, chief executive, said: "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."

Shares in Intu were up 0.5p to 340p per share this morning.

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USC is no longer trading. I used to work in this store and we closed on the 10th July – very sad stuff, 50 members of staff were put out of a job they loved.

By Mike

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