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Logistics heavyweights post positive rent collection figures

Logistics focused property companies Tritax Big Box REIT and LondonMetric Property both announced positive rent collection figures today.

Tritax Big Box REIT said it had received 89% of rent for the fourth quarter, with a further 10% expected by the end of November (through upfront monthly payments). The remaining 1% of rent is on payment plans and will be recovered over the near-term, the group said.

Of the previous quarters, 97% of second quarter rents  and 99% of third quarter rents have been received. The group added that no rent-free periods or rent reductions had been agreed across the portfolio. It expects that 100% of all rent for the 2020 year will be paid over the remainder of 2020 and into 2021.

LondonMetric said it had collected 94% of rent for the fourth quarter, with a further 3% expected to be received imminently and 2% subject to agreed payment plans. Less than 1% is outstanding.

Broken down into sectors, 100% of rent due from its distribution (logistics) portfolio collected or due to be collected, 92% of its long income portfolio collected, 97% of office rent and retail parks at 83%.

Rent forgiven from the previous two quarters totals £0.26m, it added, while a further £0.35m remains unpaid, largely relating to a property where it is securing vacant possession for a new letting to Lidl.

BBOX : LMP : Logistics heavyweights post positive rent collection figures

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