Capital & Regional collects more than 90% of rents

Capital & Regional’s rent collection has risen to 91% for the latest quarter. The shopping centre REIT collected just 60% of rents for the same quarter last year. Chief executive Lawrence Hutchings said there had been “positive operational momentum with a solid performance over the Christmas trading period”. He added: “Rent collection continues to trend towards more normalised levels, with only those less well-capitalised and most-impacted tenants requiring assistance.” December footfall rose by 33% on 2020, outperforming the national index by 13%. However, it represented just 74% of footfall for the equivalent period in 2019. “Following our refocus, restructure and recapitalisation initiative in November, we have completed the disposal of an office block in Maidstone and passed further key milestones on the Walthamstow residential development,” Hutchings said. “This should keep us on track to reinstate dividend payments in the second half of 2022.” The trading update added that Capital & Regional had now passed all planning hurdles for its 538 apartment residential development in Walthamstow.   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews