Intu’s portfolio of prime shopping centres rose in value by £573m in the six months to the end of June, trebling profit to £602m.
The company’s net asset value swelled by 44p to 372p, reflecting a 7.6% increase. However, the group’s earnings per share fell slightly from 6.8p to 6.4p in the first half as development projects reduced like-for-like rental income by 3.6% and a £500m rights issue to partially fund its £885m acquisition of three properties from Westfield diluted its results.
The purchase, which includes the Merry Hill centre (pictured), was also partially funded by asset-specific debt facilities.
The new loans increased net debt to £3.9bn from £3.5bn against the group’s £8.8bn portfolio.
bridget.o’connell@estatesgazette.com
