Hammerson rental income plummets as struggling retailers fail to pay

BULL SC Bullring March 2017 N8

Institutional landlord Hammerson said it only received about a third of the rent payments it was due for the second quarter of the year last week, as struggling retailers asked for coronavirus-related deferrals.

Hammerson, which owns shopping centres such as the Bullring in Birmingham and Brent Cross in London, said it had received “a variety of requests for rent deferrals, monthly payments and waivers”, particularly from smaller and independent occupiers.

It said by the end of March 27 it had only received 37% of due rent. Adjusted for deferments and switches to monthly payments, this represented around 57% of due rent.

The landlord said it would be reviewing these requests “on a case-by-case basis, taking into account the business model and risk profile of the occupier” alongside any government aid.

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