Intu Properties claims to be on track for net rental growth in 2015 with passing rents up 12% year to date following its 1% fall in income over the first half of the year.
The imminent opening of new sites and a programme of new lettings will help drive the business forward in the second half of the year according to the company’s latest trading update to 6 November.
The shopping centre specialist has signed 84 new leases worth £18m of new annual rent, 11% up from the previous passing rent and in line with previous assumptions.
Occupancy has increased by 40 bps to 95.5% across Intu’s sites in the UK and Spain and the forthcoming sites at Victoria Centre and Intu Potteries have found occupants for the cinemas and a number of restaurants.
Intu claims to be on track to deliver the sites in December 2015 and is on site developing further space at Eldon Square, Intu Metrocentre and Intu Bromley.
Spanish investments have performed well with footfall up 5%, the company has also been joined by Canadian pension fund CPPIB in its site at Zaragoza, Spain, releasing £113m of cash.
Overall the company had £550m of cash and finance available with a debt to asset ratio of 44% as of 30 September.
mike.cobb@estatesgazette.com
