Hammerson collects just 47% of rents for Q3

Hammerson has collected just 68% of rents for the first half of the year. In its quarterly trading update this morning the retail landlord said that the picture had begun to improve, with 89% of billable rents now collected for 2020. Initial rent collection for the latest quarter is also ahead of Q1 and Q2 at a comparable time, but at 47% is lower than the landlord would like. The update stated: “We expect all rent collections to continue to improve as remaining Covid-related restrictions are lifted.” It added: “We do not anticipate granting future concessions and all avenues to collect rents due are being pursued.” Hammerson said that footfall trends in all territories were encouraging, with seven-day averages currently sitting at around 70-80% of 2019 levels, following an initial spike on reopening. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews