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Capital Shopping Centres plans expansion as footfall grows


Retail property group Capital Shopping Centres (CSC) has today reported steady occupancy and rising footfall for its first-half period.

Overall occupancy across its 14 centres and some 2,400 retail units fell slightly to 96.8 per cent as of May 17th 2011, compared to 97.7 per cent in December, whilst footfall across its schemes grew three per cent year-on-year.

After the successful acquisition of the Trafford Centre in January, CSC now plans to continue with other major projects including the extension of the Victoria Centre in Nottingham.

David Fischel, CEO of CSC, commented: “Since acquisition, The Trafford Centre has performed strongly and we are pleased to have now integrated this prime asset into CSC’s business.

“Footfall at CSC’s centres has remained strong with a three per cent increase for the year to date which follows similar increases in each of the last two years as customers continue to choose to visit larger shopping centres with a wide range of attractions.”

An additional £6 million in annual rent was secured in the year-to-date through 36 new long-term lettings, which is an increase of £2 million on the previous rent for those units.

The extension of the St David’s Centre in Cardiff is now 86 per cent committed by income and 81 per cent by area, compared to 83 per cent and 81 per cent respectively in December 31st 2010.

As previously reported £128 million has been put aside by CSC for investment in active management projects across its portfolio, and major projects at the Victoria Centre, Lakeside in Thurrock & Glasgow’s Braehead will add an additional 1.4 million sq ft of retail space to the company’s total.

Fischel added: “We continue to expect 2011 to be a difficult year for consumers but CSC’s overall performance for the year to date has been in line with expectations, with progress on lettings to improve the overall tenant mix and in its active management and investment plans.”

Published on Tuesday 17 May by Editorial Assistant

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