Intu to keep investing in centres despite retail wobble

Retail giant intu is still planning to start its next major expansion scheme in Nottingham this year.

Intu has plans in the pipeline for an £80m redevelopment of the Broadmarsh centre.

In an update to the city today intu said “with 50 per cent of the project either exchanged or in advanced negotiations, we would expect to commit to this in the second half of 2018.”

Broadmarsh will be the next major scheme in intu’s development programme which recently saw Vinci confirmed as main contractor on a £72m upgrade to Manchester’s Trafford Centre.

It is more positive news for the retail construction sector after Hammerson shelved its £1.4bn extension of the Brent Cross shopping centre this week where Laing O’Rourke has won the main £700m contract.

Intu also revealed that it is looking to expand in other markets like residential, distribution and leisure.

David Fischel, intu Chief Executive, said: “During a period of weakening sentiment in the retail market which has impacted prime shopping centre valuations, intu has delivered a resilient operational performance in the first half of 2018.

“This reflects the high quality of our business which was able to perform in a challenging retail environment.

“intu centres are in prime locations with high footfall and offer plenty of opportunities to increase density through additional mixed use developments.

“They have remained prime because we have always adapted and responded vigorously to the ever changing retail environment with continued investment and creative asset management satisfying the needs of retailers.”

from Construction Enquirer http://www.constructionenquirer.com/2018/07/26/intu-to-keep-investing-in-centres-despite-retail-wobble/

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