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Intu almost doubles profit to £600m

Property firm Intu has reported that net rental income increased by £27m to £397m for the full year to December 31.

The shopping centre owner and developer increased underlying earnings by £22m to £162m, while its profit almost doubled from £364m in 2013 to £600m in 2014.

Intu’s transactional website, which boasts John Lewis, Next and Topshop as active retailers, received almost 40% more visits to nearly 3 million, compared with the previous year.  

During the last year, the company acquired two UK top 20 shopping centres in Merry Hill and Derby, along with the Sprucefield retail park in Northern Ireland from Westfield in May. The company also exchanged contracts in December to acquire a top 10 Spanish shopping centre Puerto Venecia, Zaragozia, and completed the acquisition in January.

It is on target to commence a major £110m extension at its Watford shopping centre this year.

David Fischel, chief executive of Intu Properties, said: “Intu’s improved 2014 results demonstrate we are well positioned to benefit further from rising consumer confidence and strengthening demand from retailers for quality space.

“Following excellent acquisitions both in the UK and Spain in the last few years, we also look to the organic growth opportunity from driving forward our £1.9bn development programme.”

Intu Trafford Centre is now valued at £2.2bn, up from £1.9bn in the previous year due to strong yield improvement and an increase in headline rents.

@Tara_Hounslea

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