Capital Shopping Centres has delivered a net asset value rise of just 1p in its full-year results, but said it is positioned for future growth.
The shopping centre group, which owns 15 malls including the recently acquired Trafford Centre, posted an adjusted NAV of 391p a share over the year to 31 December.
While overall valuation growth was flattish, the Trafford Centre rose in value by 3% in the second half, while The Harlequin and The Potteries both fell 7%. Overall, the value of CSC’s portfolio increased by £63m. Its net assets stood at £3.5bn at the year end.
The group’s estimated rental values fell 2% in the year, largely in the second half, and it completed 198 long-term lettings during the period, increasing annual rent for those shops by £11m to £35m.
CSC proposed a 10p final dividend, taking its annual payout to 15p, in line with last year.
