Strong year for shopping complex owner
THE owner of the Trafford Centre shopping and leisure complex, intu properties, says net rental income increased 8% to £428m.
Profit for the year ended December 31 of £518m included a £351m property revaluation surplus (2014: £600m included £648m property revaluation surplus).
Chief executive David Fischel said: “We are pleased to report a strong set of results for 2015 with a 7% increase in underlying earnings per share and a 4% revaluation surplus taking investment properties to £9.6bn.
“Particularly encouraging was the return to like-for-like growth in net rental income, the result of quality lettings in aggregate 10% ahead of previous passing rent, improved occupancy at 96% and benefits from our investment programme.
“As economic recovery spreads out from London and the south east to the regions, consumer confidence is positive, driving improved retailer demand for space in our centres at a time when new supply of quality retail space is very limited. Investor interest for prime regional shopping centres remains keen.”