Hammerson, which has its primary listing on the London Stock Exchange and a secondary listing on the JSE and Euronext Dublin, said rent collection rates continued to improve, with 89 percent of rents collected for last year, and 68 percent for the first half of this year. Picture: James White
Hammerson, which has its primary listing on the London Stock Exchange and a secondary listing on the JSE and Euronext Dublin, said rent collection rates continued to improve, with 89 percent of rents collected for last year, and 68 percent for the first half of this year. Picture: James White

Hammerson reports improved rental collections amid Covid-19 restrictions

By Edward West Time of article published Jul 16, 2021

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SHOPPING centre group Hammerson, which has its primary listing on the London Stock Exchange and a secondary listing on the JSE and Euronext Dublin, said rent collection rates continued to improve, with 89 percent of rents collected for last year, and 68 percent for the first half of this year.

It said Covid-19-related measures remained in place, affecting food and beverage, leisure and cinema operators. The group said, however, it expected these to be lifted in the coming weeks in the UK.

Additional restrictions had been announced in France from July 21, although it was too early to assess the operational impact.

Footfall trends in all territories were encouraging, with seven-day averages currently at about 70 to 80 percent of 2019 levels, following an initial spike on reopening.

The group said many retailers continue to report high sales and conversion rates as visitors shop with purpose. These trends have been particularly positive in France during the first few days of the summer sales period.

It said initial third-quarter rent collection at 47 percent was ahead of the first two quarters at the same point in time, and the financial year to date collection now stood at 62 percent.

“We expect all rent collections to continue to improve as remaining Covid-related restrictions are lifted. We do not anticipate granting future concessions, and all avenues to collect rents due are being pursued,” it said.

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