Buoyant first half for Trafford Centre owner intu
TRAFFORD Centre owner Intu Properties has reported a hike in revenues and profits, driven by much higher property revaluation gains.
For the six months to June, pre-tax profit, before joint ventures and associates, rocketed to £567.8m from £179.9m last year.
Half-year revenues grew to £261.1m from £250.3m. Net rental income, including share of joint ventures, increased to £189m from £181m in 2013.
David Fischel, chief executive said: “Intu has recorded a strong first half performance with a 7.6% like-for-like valuation uplift, increasing net asset value per share to 372p and taking the overall market value of our prime UK shopping centres to £8.8bn.
“The initial indications from the major centres we acquired in the period, now rebranded as intu Merry Hill and intu Derby, are very positive. The letting market is showing encouraging signs of improvement and we are gaining further momentum with our £1.2bn active management and development pipeline.”
As a result of the £1.6bn sale of the 2 million sq ft shopping and leisure centre three years ago to what was then called Capital shopping Centres, its developer Manchester-based Peel Group now holds a major stake in intu.
