LONDON (ShareCast) - Shopping centre developer Capital & Regional (C&R) moved back into the black in the first half and said it was resuming dividend payments.

C&R made a pre-tax profit of £3.7m in the six months to June 30th against a loss of £9.2m a year ago. It said it was re-starting payments to shareholders with a 0.25p interim dividend.

The group's £835m UK shopping centres business comprises its investment in The Mall, a specialist dominant UK community shopping centre fund, and interests in two shopping centres in the Midlands. The Mall has a £676m portfolio of six properties with a strong south east England bias.

C&R sold two shopping centres in the West Midlands and north west London in July for £152.5m, allowing The Mall to focus on its core portfolio.

C&R said its UK shopping centre contracted rent had risen £0.9m year on year to £71.5m by June.

It made 27 new lettings and 12 renewals totalling £2.6m in the period.

Chief Executive Hugh Scott-Barrett said: "We have a number of exciting and value enhancing asset management opportunities across the business. We're confident the affordability and quality of the space at our assets will continue to attract tenants to our centres."

PW

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