intu commits to start Broadmarsh redevelopment as profits plummet

intu has said it will start the Broadmarsh redevelopment this year

intu, the multinational shopping centre operator, has confirmed in its latest annual results that it will kick off its Broadmarsh redevelopment in Nottingham this year.

This is despite the firm’s profits plummeting from £518m in 2015 to £172m last year

In a statement to the London Stock Exchange this morning, the firm said: “Looking forward to 2017, we have three large projects to get underway: the redevelopment of intu Broadmarsh in Nottingham, the leisure extension at intu Lakeside and the enclosure and extension of Barton Square at intu Trafford Centre.”

intu also said that its Derby shopping centre was 97% occupied.

David Fischel, intu chief executive, said: “We ended the year with £922 million of cash and available facilities, well placed to pursue our pipeline of active management projects, development and acquisition opportunities both in the UK and Spain.

“Major retailers including Zara and New Look have upsized and upgraded existing units and rolled out more of their exciting brands in our prime regional centres. We welcomed international brands such as Victoria’s Secret together with the expansion of premium fashion and lifestyle brands such as Jack Wills, Cath Kidston and Joules. In all, our tenants invested around £100 million in new shops and refits over the year which is a significant commitment to our centres.

“While the environment for business this year is likely to be challenging as the full impact emerges of the UK’s EU referendum vote, we are well positioned as we focus on top quality assets in prime locations with high occupancy and strong footfall. The dividend increase reflects the results for the year and our confidence in intu’s prospects. We intend to deliver continuing growth in like-for-like net rental income over the coming years.”

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