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Shopping Centre Portfolio – Performance Snapshot Q2 2017

“Growth in sales during Q2 2017 outstrips growth in footfall”

Our last quarterly update (Q1 2017) showed a mix of footfall growth and sales contraction for the Bannon Shopping Centre Portfolio. The numbers for Q2 2017 were much more positive with growth in footfall and sales of +0.37% and +2.44% respectively.

Q2 2017 benefited from having the full boost of the Easter period, however it was the sales growth towards the end of the quarter which really made the difference. Sales in June 2017 were 4.46% ahead of June 2016, leaving the cumulative total for the first 6 months of 2017 +0.89% ahead of the first 6 months of 2016.

The opening of Inglot, Vila and Selected in Athlone Towncentre Shopping Centre during the quarter brought the mall occupancy rate in the centre to 100% for the first time since the centre opened In Nov 2007. The total occupancy rate for the Bannon portfolio improved slightly during Q2 to 98.8%.

Shirley Delahunt, Centre Manager at Athlone Towncentre said “the opening of Inglot, Vila and Selected within the last three months is hugely encouraging for the centre and reaffirms our position as the premier shopping destination in the Midlands”.

Jennifer Mulholland, Associate Director within the Retail Lettings Department at Bannon noted that “there is strong interest from international brands and finding good quality space has become the biggest issue facing retailers”.

At present Bannon manage over 6 million square feet of retail assets with a total annual rent and service charge income of €100 million and an annual footfall of 85 million. The portfolio is made up of a range of retail assets, from large regional shopping centres to small local neighbourhood schemes.

“strong interest from international brands and finding good quality space has become the biggest issue facing retailers”