Strong lettings activity for CSC
Capital Shopping Centres today said it had made good progress since its interim results in August, saying its relationships with major retailers and its understanding of their retail space requirements had enabled the group to conclude a “substantial” number of lettings in the period. Despite the apparently weak economic conditions, CSC has agreed 104 lettings since the end of June, generating an uplift of £3.5m in annual passing rent. The group noted that the 235 new lettings agreed for retail property so far this year represented more than 10% of its units.
CSC chief executive David Fischel said the impact of the reduced supply of new high-quality retail space was increasingly apparent in letting negotiations. The group’s occupancy rate increased to 98.8% for the period between 1 July and 3 November, compared with 98.1% at 30 June.
“With footfall continuing to increase on a year on year basis, we are benefiting from the trend for retailers and consumers to focus on pre-eminent destinations in which to trade and shop,” Fischel added.
