Record Q1 lettings at intu

Intu reports record retailer demand for leasing in the first quarter\

The landlord signed 60 long term leases for £10 million of annual rent during the first quarter of 2018, and on average deals were signed 5 per cent above previous passing rent. As a result occupancy remained static on the previous quarter at 96.1 per cent and up from 95.8 per cent a year previously. Footfall continued to outperform the UK benchmark, at times up by 1.5 per cent.

The company has completed the disposal of 50 per cent of intu Chapelfield for £148m and the £180m intu Watford extension is on target to open in October 2018.

Chief executive David Fischel said: “Our prime shopping centres produced a strong first quarter with lettings at increased rents, high occupancy and footfall exceeding the comparable period last year, with footfall significantly and consistently outperforming the ShopperTrak national retail benchmark over the last five years.”

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