Shopping centre landlord, Intu has announced that chief executive David Fischel is to step down after 17 years in the role and 33 with the company.
The group said that Fischel’s departure had already been anticipated as part of the now-aborted merger with Hammerson.
During the year, the group saw footfall across its centres fall by 1.3%. Occupancy level remained at 97% with aggregate lettings 6% ahead of previous rents.
Like-for-like net rental income grew for the fourth consecutive year, by 1.3% in the period, driven by new lettings and rent reviews, despite a 0.9% hit from tenant failures.
The group agreed 116 long term leases amounting to £16m of annual rent to a number of new international entrants, as well as established brands.
Intu will launch the £180m intu Watford extension in October, followed by the £72m intu Lakeside leisure extension in the first half of next year.
Fischel 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.”
