Member Article

Intu rental income up 8% as it plots major Watford extension

Shopping centre developer intu has posted profits of £518m for last year as it plots a raft of new developments.

While profit figures were less than the £600m posted in 2014, the firm still enjoyed an 8% rise in rental income which totalled £428m last year.

The news comes as the developer plots further expansion, including a major £178m redevelopment scheme at intu Watford Shopping Centre which will see the addition of a number of retail and leisure brands along with a Cineworld IMAX cinema and Debenhams.

The Watford scheme is part of a wider development effort by the London-headquartered developer which also includes its first development abroad.

Commenting on today’s figures, David Fischel, Chief Executive of intu properties plc, said: “As economic recovery spreads out from London and the south east to the regions, consumer confidence is positive, driving improved retailer demand for space in our centres at a time when new supply of quality retail space is very limited. Investor interest for prime regional shopping centres remains keen.

“These factors provide a favourable background for our development programme as we look to introduce the next level of leisure concepts.

“We expect to undertake around £600 million of mixed retail and leisure projects in the next three years in the UK, in particular the intu Watford extension, and commence our major Spanish shopping resort development, intu Costa del Sol.”