Belfast Telegraph

UK Website Of The Year

Shopping centres' owner finds rental space unaffected by Brexit

Published 18/08/2016

The owner of several regional malls has seen profits go up.
The owner of several regional malls has seen profits go up.

Shopping centre specialist Capital & Regional has said that Britain's decision to quit the European Union has not affected leasing demand from retail tenants.

The asset manager, which owns seven shopping centres in the UK, said that it has experienced "positive leasing momentum since the referendum", with 29 permanent new leases or renewals exchanged or completed since June 24.

The company added that it has seen "little or no reference to Brexit from a pricing perspective" during discussions with occupiers.

Chief executive Hugh Scott-Barrett said: "Our letting activity remains robust and, while it is too early to point to any definitive trends, so far we have seen no sign of this abating post the EU referendum.

"Furthermore, encouragingly, as markets have stabilised in recent weeks we are seeing a number of opportunities to recycle capital on terms which will enable us to crystallise attractive returns."

Capital & Regional made the announcement alongside its first half results, which saw operating profit tick up from £11.8 million to £13.7 million in the six months to the end of June.

However, the firm said it has been stung by the government's stamp duty land tax to the tune of £10.3 million.

Mr Scott-Barrett also revealed that the firm is considering the sale of The Mall in Camberley following an unsolicited offer.

Capital & Regional owns seven shopping centres across the UK in Blackburn, Camberley, Hemel Hempstead, Luton, Maidstone, Walthamstow and Wood Green.

Read More

From Belfast Telegraph