Intu share price: Group on target for like-for-like net rental income growth

Intu Properties (LON:INTU) has updated investors on its recent trading this morning.

**Highlights from Intu’s statement:**
· Remain on target to deliver growth in like-for-like net rental income for the year in the range of 2 per cent to 3 per cent
· Continued active retailer demand with 43 new long term leases agreed for £7 million of new annual rent, 10 per cent above previous passing rent
· Year-on-year footfall to date is up 1.4 per cent and occupancy is 95.3 per cent (March 2015: 94.3 per cent), marginally reduced from 95.8 per cent at 31 December 2015 (December 2014: 95.0 per cent) reflecting seasonal fluctuations since Christmas

· UK development pipeline on track with 11 new restaurants opened at intu Metrocentre and the main contractor now on site for the intu Watford extension
· Meaningful improvement in in-centre customer satisfaction measure from 12 months ago and website traffic has grown by 30 per cent in 2016
· Growth in footfall and sales at both our Spanish centres, Puerto Venecia and intu Asturias, along with encouraging lettings
· Cash and available facilities of over £750 million and debt to asset ratio of 41 per cent at 31 March 2016
David Fischel, Chief Executive, commented:
“Encouragingly we have seen little impact on customer flow into our shopping centres or tenant interest for space which remains very positive despite financial markets being volatile ahead of the EU referendum vote on 23 June 2016.
Global investors continue to look actively at prime regional shopping centres in the UK, focussing on the quality income streams provided by this asset class.”
UK development momentum
· At intu Metrocentre we opened 11 new restaurants extending the Qube leisure area. This £17 million redevelopment brings new brands such as Five Guys, TGI Fridays and Barburrito to the centre and delivered a stabilised initial yield on cost of over 8 per cent. The intu Eldon Square restaurant development is scheduled for opening in October this year with 92 per cent of the project let to high quality names such as Ask, The Alchemist and Chaophraya
· At intu Watford, we have completed the demolition of the outdated Charter Place precinct adjacent to the centre and have commenced the fixed cost building contract for the £180 million extension. Nearly 60 per cent of the new space is under offer
As of 07:47 BST, Wednesday, 04 May, Intu Properties PLC share price is 298.60p.