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Property

Landsec collects only a third of December retail rent

It also reported that it had received just £2m of £7m expected from its central London businesses

UK landlord Landsec has revealed it has only managed to collect just over a third of the rent owed by retailers during the month of December.

In a rent collection update posted by the landlord, Landsec revealed it had received just £5m of the £14m expected from its regional retailers – equal to just 36%.

It also reported that it had received just £2m of £7m expected from its central London businesses.

Overall, taking into account rent collected from its other tenants, Landsec said it had collected 65% of the rent due buoyed by the support from its offices which have fared slightly better than its retail counterparts.

The news comes after fellow retail landlord British Land said it managed to collect less than half of the rent due from its retail tenants for the latest quarter, as the latest lockdown restrictions keep many businesses closed.

In an operational update, British Land revealed that it had received just 46% of expected rent due for the period of 25 December to 7 January totalling £42m.

Overall in retail, it said that rent collection levels for previous quarters have “continued to increase”, and it has now collected 72% of September rent, 73% of June rent and 49% of March rent, with March collection being lower due to 27% of deferrals provided.

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