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Metrocentre owner Intu reports higher profits

THE owner of Eldon Square and the Metro Centre today reported a rise in revenues for the year to the end of December.

The Metrocentre in Gateshead

THE owner of Eldon Square and the Metrocentre today reported a rise in revenues for the year to the end of December.

Intu, the new name for Capital Shopping Centre which owns a string of shopping malls across the UK, said income rose to £525.7m from £516.1m, while pre-tax profits increased to £152.6m from £27.2m.

The group, which is the landlord, reported an average occupancy level of 96% despite the tough retail environment which has seen the collapse of a number of big names in the past 12 months.

Intu, which announced the rebranding earlier this year, also revealed a new acquisition today.

It is paying £250.5m for Midsummer Place Shopping Centre in Milton Keynes.

 

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