Bloomberg News

Capital Shopping Centres Adds More Tenants to Bolster Revenue

October 31, 2011

Oct. 31 (Bloomberg) -- Capital Shopping Centres Group Plc, owner of 10 of the U.K.’s 25 largest malls by retail sales, signed 56 new leases in the third quarter to generate a net additional annual rent of 3 million pounds ($4.2 million).

The new tenants helped keep the vacancy rate at CSC’s 14 large malls, including Metrocentre at Gateshead and Manchester’s Trafford Centre, little changed. Vacancies amounted to 3 percent of space, the same as three months earlier, the company said today in a statement.

Leasing costs are rising at dominant shopping centers because their big name brands attract shoppers over other locations, even as the weakening economy makes consumers spend less.

Net debt totaled 3.3 billion pounds at the end of September, little changed from three months earlier.

--Editors: Andrew Blackman, Ross Larsen.

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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