Intu Lakeside bosses delighted as profits double

INTU, which owns the Lakeside shopping centre in Thurrock, has more than doubled pre-tax profit following a year when it “advanced significantly”.

Intu posted a pre-tax profit of £362.9m for the year to 31 December 2013 – up from £152.6m a year earlier. The rise followed a revaluation of its estate.

Twelve businesses including Urban Outfitters, Adidas, Sea life, and The White Company took a unit in an Intu centre for the first time. Intu said its development pipeline now amounts to a £1.2bn programme over ten years across the estate in the UK and Spain.

Chief executive David Fischel said: “Intu advanced significantly in 2013 with a rebranding, strategic acquisitions, debt refinancing, equity issuance and key planning consents for our £1.2bn development programme. “The benefits to customers, retailers and staff from our rebranding as Intu have surpassed our expectations.”

“With the economy appearing to improve and total profit for the year including revaluations increased from £159m to £364m, we are prepared to withstand some minor reduction in like-for-like net rental income in the short term as we continue to invest in our centres to drive their total returns through our asset management approach”

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