Intu posts strong occupational activity despite challenging market
Intu has recorded active retailer demand for the period from 1 January to 3 May 2017 where it secured 42 long-term leases.
These new deals represent an additional £6m in annual rent, which is 5% above the previous passing rent.
The group’s portfolio is now at 95.8% occupancy, with an unchanged guidance for growth in like-for-like rent across the business.
Intu has recorded active retailer demand for the period from 1 January to 3 May 2017 where it secured 42 long-term leases.
These new deals represent an additional £6m in annual rent, which is 5% above the previous passing rent.
The group’s portfolio is now at 95.8% occupancy, with an unchanged guidance for growth in like-for-like rent across the business.
Of the 10 BHS shops that closed in 2016, intu has relet two and is in advanced negotiations on four. Two of these form part of redevelopment projects at intu Broadmarsh and intu Watford.
In its development pipeline, it said that 90% of the space in the intu Lakeside extension is either exchanged or in solicitors’ hands.
Chief executive David Fischel said: “Although retailers are being selective with their expansion plans, they are prioritising expansion to prime established locations with strong footfall. intu, as the UK market leader with 17 prime centres, is well positioned to take advantage of this demand. The environment for business this year is likely to be challenging with considerable uncertainty regarding the UK’s EU exit. However, it is our intention to deliver continuing growth in like-for-like net rental income.”
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