FIRST HALF 2014 HIGHLIGHTS
- NAV per share increased to 372 pence reflecting £573 million (44 pence per share) property valuation gain, 7.6 per cent like-for-like, driven by strong investment demand for prime shopping centres
- Acquired two top 20 UK shopping centres in £855 million transaction, funded by £500 million rights issue and asset-specific debt facilities; centres now rebranded as intu Merry Hill and intu Derby
- Underlying earnings per share 6.4 pence (2013 – 6.8 pence); like-for-like net rental income impacted by upcoming developments, partly offset by lower average finance costs
- Continuing improvement in retailer demand for quality space:
- 98 long term leases signed for £15 million new annual rent, 4 per cent above previous passing rent and in line with valuation assumptions
- encouraging progress stimulated by Intu’s investment activity – some 140 lettings in solicitors’ hands
- Formed joint venture at intu Uxbridge introducing 80 per cent partner for £175 million, a small premium to 31 December 2013 book value
- Occupancy improved at 96 per cent (31 December 2013 – 95 per cent); footfall up one per cent year on year to 30 June
- Projects completed at intu Metrocentre (new Platinum Mall to be followed by restaurants), intu Lakeside (new food court) and underway at intu Eldon Square (mall upgrade to be followed by restaurants), intu Potteries (cinema and restaurants), intu Victoria Centre (restaurants and reconfigurations) and progress with intu Watford’s Charter
