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Shopping Centres

Westfield’s UK net rental income down 3.1% amid Brexit ‘uncertainty’

Shopping centre giant Westfield has reported a 3.1% decrease in net rental income for its UK operations, covering the half year period ending 31 July.

In the trade update, the landlord conglomerate said vacancy stood at 8.7%, primarily driven by some non-renewals,the impact of retailer bankruptcies, and the delays in leasing at Westfield London Phase 1 as “Brexit uncertainty deters new market entrants”.

However, footfall was up by 6.4% during the period, outperforming the UK shopping centre index by 770 bps.Tenant sales through June 30 increased by 7.1%, and through May 31 by 7.9%, outperforming the national sales index by 846 bps, particularly reflecting the strong growth of 13.8% at Westfield London.

A statement by Westfield read: “The footfall and sales results benefit from the opening ofPhase 2 of Westfield Londonin March 2018, as well as the continued growth of Westfield Stratford City. Average MGR uplift was strong at +15.9%.”

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