NAV rises at Intu malls

Intu Properties, owner of the Trafford Centre and part owner of the Arndale Centre, said property valuations increased by 0.6% in 2012.

The national mall owner said occupancy remained high at 96% and it signed 169 long-term leases for £44m new annual rent at an average 7% above previous passing rent during the period.

David Fischel, chief executive of Intu Properties plc, commented: "2012 has been a year of considerable progress, with the quality of our assets and teams demonstrated by the out-performance of national benchmarks against a challenging economic background. We start 2013 with robust operating indicators and considerable momentum across the business from a range of attractive investment opportunities. We are well placed with improved financial flexibility to deliver strong returns to shareholders through the scale of our prime regional shopping centre business and our specialist focus, reinforced by the major announcement in January of our new brand intu and digital initiatives."

Intu, which recently changed its name from Capital Shopping Centres, also announced a new debt vehicle to refinance centres in Lakeside, Braehead, Watford and Victoria in Nottingham.

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