intu Properties results for H1 2015 show a 4% total return – the adjusted diluted net asset value rising from 379p to 385p and underlying earnings per share rising from 6.4p to 6.8p. The interim dividend has been maintained at 4.6p.
They outperformed the IPD – their property revaluation surplus was 1.9% like-for-like, partially attributable to rental value growth of 0.6%. The IPD monthly retail property index growth was 1.2% which included rental value growth of 0.1%. 107 long term leases were signed for £18m new annual rent, 12% above previous passing rent and in line with valuation assumptions. the biggest valuation uplift was at St. David’s in Cardiff.
In Spain they completed the acquisition of Puerto Venecia, valued at €450.8m – CPPIB will take a 50% stake in the centre, Parque Principado, Oviedo was rebranded as intu Asturias, and they exercised an option to take ownership of a development site for a planned shopping resort development, intu Costa del Sol, near Málaga. They anticipate being on site in 2016.
In the UK their development programme progressed with the mall refreshment and restaurant quarter at intu Victoria Centre and leisure extension at intu Potteries due to be completed in the latter part of 2015. they started three restaurant projects at intu Eldon Square (20 units), intu Metrocentre (11 units) and intu Bromley (five units) due to be completed in 2016. intu also say they are on target for commencing the extension of intu Watford in late 2015 and starting in 2016 the redevelopment of intu Broadmarsh and introducing significant leisure attractions to intu Lakeside.
INTU : intu beats IPD as it writes up St David’s Centre