Landlords bank on retail recovery despite falling rent collections
In separate updates today, institutional landlords Hammerson and British Land have outlined hopes for a retail recovery despite struggling to recoup rents for the most recent quarter.
As of June 29, shopping centre owner Hammerson said it had received just 16% of the third-quarter rents that were due on June 24. Up to the same date, the landlord said it had collected 73% of all rents due for the first half of the year.
To help with its coronavirus recovery, Hammerson said it had received approval for issuance of up to £300m of new financing under the government’s Covid-19 corporate financing facility, which would bolster its liquidity to £1.5bn.
British Land reported better third-quarter rent collections. It said that as of June 26, it had received 36% of its retail rents.
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