Intu reports footfall growth as it awaits Hammerson update

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Shopping centre giant Intu has reported record levels of retailer demand and rising footfall in its first quarter from January 1 to April 17.

Intu this morning said that despite the snow, its shopping centres had experienced a 1.5 per cent rise in footfall year-on-year, meaning it had continued to outperform its UK benchmark.

It added that it had signed 60 new long term leases in the quarter, raising its occupancy rate to 96.1 per cent from 95.8 per cent in the same period last year.

The updates comes as Intu awaits an update from its larger rival Hammerson over a controversial £3.4 billion takeover bid, which has seen both the groups share prices suffer.

Over the weekend it was revealed that Hammerson’s second largest shareholder would vote against the acquisition of Intu.

Hammerson had put the deal on hold while it negotiated a separate £5 billion takeover bid from French rival Kleppiere, which has now pulled out after numerous rejections.

No mention of the proposed takeover was made in Intu’s trading update.

“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” said Intu chief executive David Fischel.

 

“We continue to see growth opportunities for our £10 billion UK portfolio.

“We have a substantial ongoing investment programme that will see us open our £180 million extension at intu Watford later this year and the £72 million leisure extension at intu Lakeside next year, with lettings proceeding strongly in both cases.”

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