Tough quarter day for C&R as major retailers withhold rent
Capital & Regional has received or expects to collect imminently just 34% of rent due for the June quarter.
In an update the firm added that it had only collected around 40% of rent payments due since 25 March.
Nearly half of the balance of rent payments outstanding are from major retailers, which have the capacity and contractual obligation to pay, C&R said.
Capital & Regional has received or expects to collect imminently just 34% of rent due for the June quarter.
In an update the firm added that it had only collected around 40% of rent payments due since 25 March.
Nearly half of the balance of rent payments outstanding are from major retailers, which have the capacity and contractual obligation to pay, C&R said.
However, the firm added that discussions were now under way with several of these holding back rent payments after stores began to trade again.
C&R reported that 470 of its stores across its shopping centres were now open and trading, representing 74% of units, with a further 10% confirming dates for reopening. It added that only 5% of its retailers were still not allowed to reopen.
For the week ending 28 June, footfall across C&R’s malls was 55% of that seen in the same week last year.
C&R added in the update that it had signed waivers for all its income covenants and for its three largest asset-backed loan facilities, which represent 93% of its outstanding debt. Quarterly test dates fall in July and October.
At the end of June, C&R said it had total cash of more than £81m and an undrawn revolving credit facility of £15m, while the earliest maturity on any of its other loans is February 2023.
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