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Intu rental income climbs but profit falls

Property company Intu will invest £578m into its UK shopping centre estate over the next three years, as the company reported net rental income increased by £31m to £428m for the year to December 31.

The shopping centre owner and developer grew underlying earnings by £25m to £187m but profits fell £82m to £518m.

It increased occupancy at its centres to 96% from 95% in 2014.

During the period, it completed a £42m revamp at Intu Victoria Centre in Nottingham and a £19m extension at Intu Potteries in Hanley, Stoke on Trent, which generated a combined £3.6m of new annual rent.

It is currently working on a £178m leisure and retail extension of Intu Watford, which is anchored by Debenhams. It is set to start redeveloping Intu Broadmarsh in Nottingham and the leisure extension at Intu Lakeside in Thurrock, Essex, this year.

Intu said visits to its transactional website were up 30% on the previous year to 24 million but gave no figures on sales.

From 2018 onwards, it plans to spend £1.1bn on extending its Lakeside, Victoria Centre, Cribbs Causeway and Braehead centres, and will upgrade and remodel the Intu Milton Keynes site.

Intu Properties chief executive David Fischel said increasing the restaurants and leisure offer in its centres is an increasing focus to increase dwell time and create “a fun, family friendly offer”.

 

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