Return to high street aids leasing boost for Capital & Regional
London-based mall owner Capital & Regional said it has seen strong momentum driving its leasing activity as shoppers flock back to high streets.
September was also its best month on month comparison versus 2019, after lockdown rules were gradually eased earlier this year.
In the three months to the end of September, the firm completed 57 new lettings and renewals for a combined value of £2.1m, at rental levels above previous rent and ERV.
The real estate investment trust said footfall had continued to outperform the national index by 5.4 per cent. It recorded 32.4m visits across its estate in the nine months to September 2021.
The company also said its property values were stabilising, with its investment assets increasing in value by 0.5 per cent over the three months to September 30 2021.
The assets – which include shopping centres at Blackburn, Ilford, Maidstone, Walthamstow and Wood Green – increased in value to £386.5m from £384.7m, in the period June 30 to September 30.
Lawrence Hutchings, CEO of Capital & Regional spoke of the “positive transformational” impact of the proposed open offer and mall debt restructure on the group’s balance sheet.
If approved, the offer will put the company in a “materially stronger position”.
Hutchings added: “We understand that the past 18 months have been challenging for our shareholders and the successful conclusion of this transaction to ‘refocus, restructure and recapitalise’ is a clear endorsement of the company and The Community Centre Strategy.”
New openings included a Lidl supermarket and VFM furniture store in mid-October in Luton.Leasing activity has improved occupancy, which increased to 90.2 per cent, at the end of September 2021.