News & Insights
Following the recent news that British Land received 46% of rent from retailers on the latest payment day, Landsec have issued a stock market update stating that they have received only a third of rent from their tenants in the same sector.
Landsec published the update today showing comparable trends to their competitor, with 87% of office rent collected compared to 29% across their other Central London properties and 36% of regional retail rent due on 25th December.
These figures stand in stark contrast to their collection percentages in December 2019, which were 96% for offices, 87% for other Central London properties and 90% for regional retail respectively.
Landsec has issued the following statement alongside the update:
“We continue to take a proactive approach to addressing the challenges the pandemic presents to our people, our customers and our business. In early April 2020, we established a customer support fund of £80m for occupiers who most need our help to survive. To date, £24m of rent concessions have been allocated to customers.”
In total, 65% of the rent due was paid within five working days of 25th December 2020, compared with 94% for the equivalent period in 2019. However, Landsec state that this recent figure is adjusted for “the impact of customers having entered CVAs and administrations, concessions agreed out of the fund and agreed monthly and deferred payment terms”.