Profit, occupancy and footfall up at community mall portfolio
Capital & Regional has delivered another strong set of results for the 12 months to 31 December 2017. Adjusted profit has risen by 8.6% to £29.1m while like-for-like net rental income was up 1.9%.
The company says asset management initiatives, in particular at Walthamstow and Wood Green, have allowed it to perform in a “challenging retail environment.” Over the year occupancy improved to from 95.4 to 97.3% after 79 new lettings and renewals were achieved at an average 10.3% premium to previous rents and an 8.4% premium to ERV. Passing rent was up 3.0% on a like-for-like basis.
These successes have encouraged the company to step up its capex plan with opportunities for over 50 projects across the portfolio totalling over £100m over the next five-plus years.
Chief executive Lawrence Hutchings said: “This is another strong set of results that provides me with further confidence in our decision to focus on serving the non-discretionary, value and ‘needs’ based end of consumer demand through our portfolio of community shopping centres. We have confidence that our repositioning programme and rebased affordable occupancy costs allow our retailer customers to trade profitably in these high footfall locations that have proven to be the engine room for their profits.”