Occupancy and footfall continue to outperform
Capital & Regional, the convenience and community focused shopping centre REIT, has updated shareholders on current trading for the four months to the end of April 2019.
The company completed 20 leasing transactions in the first four months of the year at a combined rent of £1.2m, up 3.0% on passing rents and 5.2% above ERV. Although none of C&R’s malls is hit by the planned Debenhams closures, the company said the proposed rent reductions will cost it £1.3m in annual rent.
Occupancy has remained robust at 96.7% and footfall was down 0.6% over the same period last year, but well ahead of the national index, which was down by 3.2%
Chief executive Lawrence Hutchings said: “We continue to see solid progress in executing our strategy to reposition our community centres to focus on needs based-and less-discretionary goods, especially in our London and South East assets. We firmly believe that our repositioning and remerchandising plans, low average rents and high footfall metrics, differentiate our centres and ensures they remain relevant, profitable and attractive to retailers as the structural changes in physical retailing continue to evolve.”