Landlords bank on retail recovery despite falling rent collections

BullringSales 03

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.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Three free article views per calendar month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.