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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/mall-owner-flags-up-higher-rents.jpg"><img class="alignnone size-full" title="Capital Shopping Centres took control of Manchester's Trafford Centre last month" src="http://londonglossy.com/wp-content/uploads/2011/02/min-mall-owner-flags-up-higher-rents.jpg" alt="Capital Shopping Centres took control of Manchester's Trafford Centre last month"/></a></p>
<p>Britain&#8217;s biggest shopping mall owner has braced retailers for higher rents and said fewer new developments will drive competition for space.</p>
<p>Capital Shopping Centres, which last month added Manchester&#8217;s Trafford Centre to its portfolio, joined rivals in warning that 2011 would be a challenging year for retailers.</p>
<p>But it signalled prime centres would continue to thrive at the expense of high streets and poorer retail destinations, with retailers likely to focus expansion on consumer hot spots. It said it had already seen signs that this was pushing up rents at the end of 2010.</p>
<p>The group, which recently fended off a bid from US investor Simon Property Group amid a row over its Trafford deal, reported like-for-like net rental income up 2% in 2010.</p>
<p>Patrick Burgess, chairman of Capital, said a &#8220;measure of confidence returned in 2010&#8221; as it swung out of the red with pre-tax profits of £446.2 million against losses of £119.5 million in 2009. He said the outlook for prime retail spots was positive despite the threat posed by government spending cuts.</p>
<p>&#8220;It is clear the UK faces a series of challenges over the next couple of years and retailers and consumers remain cautious, not least about the effects of public sector austerity measures, tax increases and the price of commodities including fuel.&#8221;</p>
<p>But he added the UK was likely to avoid a &#8216;double dip&#8217; recession, predicting low growth instead, with its centres buoyed by competition for space.</p>
<p>Capital owns 14 UK shopping centres including Lakeside, Thurrock, Gateshead and The Mall at Bristol&#8217;s Cribbs Causeway.</p>
<p>It bought the Trafford Centre for £1.6 billion last month, despite opposition from Simon Property. Simon claimed the bid price was too high and that the deal undervalued Capital by giving away shares to the mall&#8217;s owner Peel Holdings, which is controlled by billionaire John Whittaker.</p>
<p>The US group instead attempted a £3 billion takeover of Capital, but walked away after failing to gain access to its books.</p>
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