TRADING UPDATE
Capital & Regional looks to dividend growth of 8%
The UK property owner reports strong momentum in letting activity
UK property owner Capital & Regional’s management says it expects to achieve dividend growth of nearly to 8% in its financial year to December, as the group benefits from a strengthening consumer. The UK-focused community shopping centre real estate investment trust released a trading update in which it said its passing rent was £61.1m at the end of November, up £1.2m, or 2%, compared with the end of June. Passing rent is rent payable at a particular point in time. The opening of major new stores for German discount supermarket chain Lidl and The Gym Group in Walthamstow, as well as the Travelodge at Wood Green, a district of north London, contributed to the rental improvement. Strong momentum in letting activity generated in the first half of the year had continued since June 30, the company said. In the five months to November 30, there were 15 new lettings and 18 lease renewals totalling £1.9m in contracted income, at a combined premium to estimated rental value of 7.1%. Total oc...
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