Capital & Regional Interim Management Statement released
Published: 20 May, 2011
Capital & Regional has announced its Interim Management Statement for the period 31 December 2010 to 17 May 2011.
In that time 18 new lettings were completed with rents totaling £1.3m. Occupancy levels for The Mall stood at 94.5 per cent as of March 2011 and footfall increased by 0.4 per cent in the first 19 weeks of the year compared to a decline of 0.8 per cent in the national index. Capital & Regional cites this as evidence that people are shopping locally due to higher fuel costs.
Hugh Scott-Barrett, chief executive, said: "Capital & Regional has delivered a robust operating performance in the first quarter of 2011. Letting activity has gathered further momentum and the growth in underlying income has underpinned a further increase in property values across the UK fund portfolio.
“I am delighted that good progress is being made in executing the asset management plan in Lincoln. This shows that our retailer led approach to acquisitions has the potential to create value for our shareholders in the medium term.
“The challenging climate for our retail clients is set to continue. However, selective demand for space from value and fashion retailers in our shopping centres will continue to underpin income and support valuations in the second quarter."
