FINANCIAL RESULTS
Growth good news ahead of Intu’s takeover
Intu Properties said it had recorded a “solid” performance last year, positioning itself for a takeover by Hammerson, which will create the largest property stock on the JSE. “The underlying strengths of the Intu business were much in evidence in 2017 as we recorded a robust overall performance, confounding the external gloom and negativity in pre-Brexit UK about retail and retail property,” said CEO David Fischel. Intu recorded a strong year of leasing activity, signing 217 long-term leases in the UK and Spain, at rents in aggregate 7% ahead of previous rents, as retailers continued to focus on increasing their space in prime retail centres. This successful leasing performance meant that Intu achieved a third successive year of like-for-like net rental income growth. Following increases of 1.8% in 2015 and 3.6% in 2016, Intu delivered a 0.5% increase for the year overall, with a strong second half recovery with growth of 2.4%. “This enabled us to reiterate our medium-term guidance,...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.