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%.”

Back to top button

Please disable your ad-blocker to continue

Ads are the primary way in which publishers generate the revenue needed to pay their staff. If we can't serve ads, we can't pay journalists to write the news.