Intu reveals ‘record retailer demand’

Shopping centre giant Intu has reported a record level of retailer demand in the first quarter of 2018.

Some 60 long term leases have been signed (43 in the UK and 17 in Spain) for £10m of annual rent, 5% above previous passing rent.

David Fischel, Intu CEO, 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.

He added: “We continue to see growth opportunities for our £10bn UK portfolio. We have a substantial ongoing investment programme that will see us open our £180m extension at Intu Watford later this year and the £72m leisure extension at Intu Lakeside next year, with lettings proceeding strongly in both cases.”