CSC continues to grow
Published: 02 August, 2011
Capital Shopping Centres reports growth despite challenging retail environment
In its first set of results since the purchase of the Trafford Centre, CSC has reported an encouraging set of results. Although occupancy is down since January 2011, it remains high at 97 per cent, and the company’s 14 centres have repcorded continuing footfall growth, up 3 per cent for the third consecutive year.
In the first half of 2011 CSC struck 80 long term lettings securing £5m in additional rent. However these tended to be below ERV, reflecting the balance of power between landlords and tenants.
The Trafford Centre is performing strongly post acquisition with footfall up 8 per cent and it has been integrated into the group’s overall activities.
Chief Executive David Fischel said: “With 6 per cent growth in like-for-like net rental income and increased footfall at our centres, CSC has delivered a sound operating performance in the first half of 2011. The Trafford Centre has proved an excellent addition and the group has a range of active management projects and extensions in the pipeline to deliver future growth. Although the economic environment remains challenging, large centres such as those owned by CSC with a strong catering and leisure component are continuing to outperform”.
