Intu Properties : 2016 AGM Trading Update

intu properties plc announces a Trading Update for the period from 1 January 2016 to 4 May 2016

Highlights of the period:

• 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.'

ENQUIRIES