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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Intu Properties Plc | LSE:INTU | London | Ordinary Share | GB0006834344 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.752 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
INTU PROPERTIES PLC
LEI: 213800JSNTERD5CJZO95
Regulated Information Classification: Additional regulated information required to be disclosed under the laws of a Member State of the EU.
2 NOVEMBER 2017
TRADING UPDATE FOR THE PERIOD FROM 1 JULY 2017 TO 2 NOVEMBER 2017
David Fischel, intu Chief Executive, commented:
“We have recorded another active quarter with strong tenant demand. 73 long term leases have been agreed which are ahead of a robust comparative period in 2016. We anticipate achieving a third year of positive like-for-like net rental income as we continue to attract well-known international and national brands.
intu’s nationwide portfolio allows international retailers opportunities to expand their UK coverage with brands such as Victoria’s Secret (US), Lovisa accessories (Australia) and Inglot cosmetics (Poland) having all taken further stores in the period. Other major flagship brands, such as Next, Primark, Decathlon, Footasylum and Nespresso, are optimising their store sizes in our must-have quality locations.
Our Spanish centres continue to perform well with occupancy levels remaining high and
10 long term leases have been signed in the quarter. Our recently acquired Madrid Xanadú shopping centre has benefited from our relationships with UK and Spanish retailers and since acquisition we have introduced Quiz, Vans, G-Star and TGB to the centre.
Although retailers continue to be selective with their expansion plans in the challenging consumer environment, our 20 prime centres are the first port of call because of their strong catchment, reliable footfall and differentiated leisure content. This leaves us well positioned to take advantage of this demand and we are confident of delivering further growth in like-for-like net rental income in 2018 and at a level of 2 to 3 per cent over the medium term.”
Highlights for the period
We have continued to make good progress with our four strategic priorities for 2017:
optimising asset performance
delivering UK developments
making the brand count
seizing the growth opportunity in Spain
Optimising asset performance
We have had an active third quarter with 73 long term leases signed in the period, representing £13 million of annual rent (Q3 2016: 67 leases; £13 million of new passing rent). In aggregate, these were 5 per cent above previous passing rent and in line with valuers’ assumptions. This brings the total for the year to date to 176 new leases (2016: 165) producing £31 million of new annual rent, 6 per cent above previous passing rent.
Signings in the period include:
We expect to deliver modest growth in like-for-like net rental income for the full year driven by new lettings at improved rents and successful rent reviews, subject to no material tenant failures.
Our unrelenting focus on operational excellence, both in the UK and Spain, combined with the quality of our centres has continued to deliver a robust set of key performance indicators.
We settled 47 rent reviews in the period for new rents totalling £9 million per annum, an average uplift of 15 per cent on the previous rents. Year to date, we have settled 164 rent reviews with rent totalling £36 million per annum, an average uplift of 10 per cent on the previous rents.
Occupancy remains high at 96 per cent (June 2016: 96 per cent). intu Lakeside and intu Merry Hill remain slightly lower as we hold units for remodelling of significant space for key fashion tenant flagship stores. These are in advanced negotiations and should exchange shortly for openings in 2018.
We are continuing to capitalise on re-letting the former BHS stores. Of the 10 stores that closed in 2016, we have new leases signed on five units, improving the tenant mix with lettings to the likes of Next, Primark and Decathlon. One store is held for redevelopment and detailed discussions are on-going with the remaining four stores. We expect the overall new rental levels to be 15 per cent ahead of previous passing rent and the resultant retail offer to be more attractive to our shoppers.
There were no tenant administrations at our centres in the period.
Delivering UK developments
We continue to focus our capital expenditure programme on our prime centres to ensure they evolve with consumer and retailer trends. Key milestones in the period include:
Making the brand count
As the role of the shopping centre operator becomes ever more specialised, our scale, expertise and insight along with our in-house teams ensure we offer the best customer service and experience in an ever evolving multichannel world. In the period:
Seizing the growth opportunity in Spain
Our three top-10 centres are performing well, benefitting from our asset management initiatives and taking advantage of the strengthening economy in the regions we operate:
Corporate responsibility
We worked with the National Autistic Society to create the first UK-wide Autism Hour at the start of October. Retailers, restaurants and leisure operators at all our centres reduced their lights, music and other background noise for an hour to create a better environment for autistic customers to visit our centres and raise awareness of this issue.
With three years to go, we have met or almost met our 2020 environmental targets which were set against a 2010 base line. We have reduced the intensity of carbon emissions by 47 per cent (target 50 per cent), diverted 100 per cent of waste from landfill of which 74 per cent is recycled (targets 99 per cent and 75 per cent respectively) and reduced the water intensity by 14 per cent (target 10 per cent).
Our people are at the heart of what we do and in 2017 we have achieved the internationally recognised accreditation Investors in People gold standard across all intu branded centres. This highly regarded achievement defines what it takes to lead, support and manage people well for sustainable results.
Conference call
A conference call for analysts and investors will be held today at 08:00 GMT.
A copy of this press release is available for download from our website at intugroup.co.uk.
ENQUIRIES
intu properties plc | ||
David Fischel | Chief Executive | +44 (0)20 7960 1207 |
Matthew Roberts | Chief Financial Officer | +44 (0)20 7960 1353 |
Adrian Croft | Head of Investor Relations | +44 (0)20 7960 1212 |
Public relations | ||
UK: | Justin Griffiths, Powerscourt | +44 (0)20 7250 1446 |
SA: | Frédéric Cornet, Instinctif Partners | +27 (0)11 447 3030 |
NOTES FOR EDITORS
intu is the UK's leading owner, manager and developer of prime regional shopping centres with a growing presence in Spain.
We are passionate about creating uniquely compelling experiences, in centre and online, that attract customers, delivering enhanced footfall, dwell time and loyalty. This helps our retailers flourish, driving occupancy and income growth.
We own many of the UK's largest and most popular retail destinations, with super-regional centres such as intu Trafford Centre and intu Lakeside and vibrant city centre locations from Newcastle to Watford.
We are focused on four strategic objectives: optimising the performance of our assets to deliver attractive long-term total property returns, progressing our UK development pipeline to add value to our portfolio, leveraging the strength of our brand and seizing the opportunity in Spain to create a business of scale.
We are committed to our local communities, our centres support over 120,000 jobs representing about 4 per cent of the total UK retail workforce, and to operating with environmental responsibility.
Our success creates value for our retailers, investors and the communities we serve.
Copyright er 2 PR Newswire
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