Market wrap: Landsec and Derwent lifted on rent collections

Landsec and Derwent London each saw their shares rise in end-of-week trading after the REITs posted promising updates on rent collection. Landsec said it has made “good progress” on collection for the June quarter and has collected 81% of payments due, or £77m of £95m. That includes 95% of office rent and 73% of regional retail rent. Its shares gained 3.2% to finish the day at 688.8p. Derwent said rent collection is ahead of the equivalent point in each of the past four quarters. The company has received 89% of the £41.1m rent due for June. Its stock rose by 1.8% today to close at 3,484p. The day’s most sizeable real estate rise came from Globalworth Real Estate Investments, an eastern Europe-focused investment firm that two shareholders are pushing to take full control of. Its shares were up by 4.8% at 6.97p. The FTSE 100 finished the week at 7,121, a rise of 1.3% over the day. The FTSE 250 stood at 22,909, up 1.1%.   To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Picture © energepic.com/Pexels