Capital & Regional portfolio swells to £879.9m
Capital & Regional has reported 10.8% growth in its portfolio to £879.9m in the first half of the year, following the acquisition of the Exchange Centre in Ilford in March.
The value of the portfolio was in line with the £794.1m valuation in December 2016, which grew from the £78m shopping centre purchase.
Like-for-like passing rent increased by 1.7% to £53.9m in the past six months, with another £1.1m of annual rent expected from upcoming lettings in Walthamstow and Wood Green.
Capital & Regional has reported 10.8% growth in its portfolio to £879.9m in the first half of the year, following the acquisition of the Exchange Centre in Ilford in March.
The value of the portfolio was in line with the £794.1m valuation in December 2016, which grew from the £78m shopping centre purchase.
Like-for-like passing rent increased by 1.7% to £53.9m in the past six months, with another £1.1m of annual rent expected from upcoming lettings in Walthamstow and Wood Green.
Occupancy was marginally up from 95.4% in December to 95.5%.
The company recorded 35.4m shopper visits, representing a fall of 0.9% on a like-for-like basis, compared with the national average of -2.7%.
Lawrence Hutchings, chief executive of Capital & Regional, said: “We expect the pace of investment in our portfolio to increase in the second half of the year as we progress the active repositioning and improvements in customer proposition in our centres, together with further significant milestones on our major transformational initiatives at Ilford, Hemel Hempstead and Walthamstow.
“This will continue to fuel enhanced income growth while further underpinning the strong footfall and convenience credentials of our assets.”
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