Return to the increase in the leasing of roadside assistance for Capital & Regional
The owner of a London-based shopping center, Capital & Regional, said he saw strong momentum driving his rental business as shoppers flocked to the main streets.
September was also its best monthly comparison against 2019, after foreclosure rules were gradually relaxed earlier this year.
In the three months ending at the end of September, the company entered into 57 new rentals and renewals for a combined value of £ 2.1million, at rental levels above the previous rent and ERV.
The real estate investment trust said attendance continued to outperform the national index by 5.4%. He recorded 32.4 million visits to his domain in the nine months leading up to September 2021.
The company also said its property values are stabilizing, with the value of its investment assets increasing 0.5% in the three months leading up to September 30, 2021.
Assets – which include Blackburn, Ilford, Maidstone, Walthamstow and Wood Green shopping centers – increased in value to £ 386.5million, from £ 384.7million, between June 30 and September 30 .
Lawrence Hutchings, CEO of Capital & Regional, spoke of the “positive transformational” impact of the proposed open offer and the restructuring of shopping center debt on the group’s balance sheet.
If approved, the offer will put the company in a “materially stronger position”.
Hutchings added: “We understand that the past 18 months have been difficult for our shareholders and the successful completion of this transaction to ‘refocus, restructure and recapitalize’ is a clear endorsement of the company and the community center strategy.”
New openings included a Lidl supermarket and a VFM furniture store in mid-October in Luton. The rental activity improved the occupancy rate, which rose to 90.2% at the end of September 2021.