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Initial retail rent collection figures for June revealed

British Land suspends dividend and offers retailers rent holidays

Two big retail landlords, Hammerson and British Land, have revealed rent collection levels of just 16% and 36% for the quarter June to September 2020.

Rent collection for the quarter, which is paid in advance, fell due on 25 June and the two group’s today revealed just how bad the figures are for the retail sector.

It is perhaps unsurprising given that all non-essential retail in the UK had been closed since 23 March and only some reopened on 15 June. However, the collection rates are still startling.

Hammerson, which owns shopping centres in the UK, Ireland and France, revealed that it had collected just 16% of rents from its UK assets as at 29 June. It said it was too early to report a figure for its Irish and French portfolios.

For the quarter March to June, it had still only received 47% of rents in the UK. This was a similar level in Ireland, but in France it has only collected 12% of rent that fell due at the end of March.

British Land, which owns huge office campuses in central London as well as a large retail portfolio, said it had collected 36% of rents from its retail portfolio for the June to September quarter, as at 26 June.

Its office portfolio fared better, with 88% of rents collected for the quarter.

The company also said that 64% of its retail stores in England were now open following the easing of restrictions, while 50% were open in Scotland and 64% in Wales.

It added that for the week commencing 14 June, when restrictions were eased on non-essential retail in England, footfall at its English assets was 64% of the level achieved in the same week in 2019.  However, like-for-like retail sales for stores that were open were 91% of the same week last year.

BLND HMSO : Initial retail rent collection figures for June revealed

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