Capital & Regional seeking to invest

11th Nov 2010 14:08

Shopping centre property group Capital & Regional saw income and occupancy levels improve in the third quarter.Occupancy levels at its three UK funds rose to 94.8% at the end of September from 94.1% at the end of June. The occupancy rate at its German fund eased to 96.7% from 98.5%, reflecting the impact of the acceptance of a tenant surrender in one of the group's properties for a €6.3m premium.Passing rent, calculated for the three UK funds, increased by 0.4% during the third quarter. Rent collection rates (adjusted for monthly payment plans and tenants in administration) continue to be strong, with 97.1% of rent being paid within 30 days of the September quarter day, the same level as in June.The underlying value of properties in the Mall fund increased by 2.6% in the third quarter, while the third quarter rises for the Junction and X-Leisure funds were 1.1% and 0.1% respectively. "We are now beginning to see the expected increase in supply of investment opportunities. We are actively pursuing a number of situations which exploit our skills in managing complex assets and which we believe will deliver attractive returns," said Hugh Scott-Barrett, chief executive of Capital & Regional.