Merry Hill owner defies uncertainty

The uncertainty surrounding the EU referendum has failed to dent enthusiasm among shoppers, the owner of the Merry Hill Centre has said.

Intu, which runs centres around the country including the centre at Dudley, is on target to deliver growth in like-for-like rental income of two to three per cent this year thanks to continued demand.

Year-on-year footfall is up 1.4 per cent and occupancy is one percentage point higher at 95.3 per cent compared with March last year. It has experienced a fall since the turn of the year because of seasonal fluctuations.

It announced the figures ahead of its AGM, which is taking place today.

Chief executive David Fischel said: "Encouragingly we have seen little impact on customer flow into our shopping centres or tenant interest for space which remains very positive despite financial markets being volatile ahead of the EU referendum vote on 23 June 2016.

"Global investors continue to look actively at prime regional shopping centres in the UK, focussing on the quality income streams provided by this asset class."

The group has seen retailer demand remaining strong, with 43 new long-term leases agreed for £7 million of new annual rent, 10 per cent above previous passing rent.