Westfield shrugs off slowdown to grow UK retail rents
Shopping centres developer Westfield today defied the retail slowdown, saying its growth from tenants' rents in the UK was up 3.7% in the first quarter.
Income rose by 5.9% in Australia but contracted by 1.5% in the US, where the company has more than 90% of its portfolio.
Westfield operates six centres in the UK, including Royal Victoria Place in Tunbridge Wells, the Friary Centre in Guildford and three urban regeneration projects - the £1.6 billion White City complex Westfield, Stratford City and Bradford.
It said it was experiencing "high occupancy levels across all markets and continued demand from retailers for space".
Westfield expects to beginmore than A$4 billion (£1.89 billion) of shopping-centre projects this year.
It is set to confound critics of the White City project, with trade magazine Retail Week reporting that it is more than 90% let. The centre is due to open on 30 October.
The company is having less success in enticing upmarket brands to White City, with Louis Vuitton the only luxury retailer to have signed. But Retail Week says seven other luxury stores are in negotiations.
The White City centre is also understood to be in negotiations with Spanish retailers Blanco and Desigual, Inditex's Pull and Bear, Canadian health and beauty giant Fruits & Passion, Gap Kids, Hollister, Irish retailer A-Wear, H&M sister brand Cos and Spanish toys specialist Imaginarium.
