Capital & Regional has posted a 9.8% growth in revenue in its half-year results as it reported a rise in activity since the EU referendum.
Half-year operating profits, which exclude revaluations and profits on property disposals, were up 16% from £11.8m to £13.7m compared to last June.
Profits, however, were down from £57m to £7.2m, which the company said came from the stamp duty rise and a £42.7m revaluation gain last year.
EPRA net assets per share were up 6% to 71p, while interim dividends rose 8% to 1.62p, in line with the target set when Capital & Regional became a REIT at the end of 2014.
Capital & Regional chief executive Hugh Scott-Barrett said the company had seen a rise of activity, with 29 new lettings or renewal deals either exchanged or completed since the referendum.
He said: “To date, there is no adverse impact on retail or leisure operator activity across the portfolio.”
Scott-Barrett added that as long as employment levels are robust across the country, Capital and Regional will see “solid” developments. He said: “Consumers, while I’m sure they all have concerns, have yet to feel the impact of the referendum directly. We all know uncertainty exists, but we’ve made a very encouraging start to the second half of the year.”
The company is expected to refinance the £380m debt in its Mall Fund, presently provided by Morgan Stanley, before the end of the year.
Scott-Barrett said it was looking to diversify sources of funding and extend maturity to at least seven years.
• From June: Capital & Regional seeks refi deal for £380m Mall debt
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