Landsec receives 60 percent of June rent, sees 'encouraging' footfall

Landsec said it received 60 percent of the net rent it was owed on 24 June and has seen “encouraging levels of footfall” since reopening its shopping centres, outlets and retail parks.

The shopping centre operator said 60 percent of the 109 million pound net rent due on 24 June was paid within five working days, compared with 94 percent for the same period last year.

As of 30 June, 79 percent of the company’s retail units were trading and 16 of our 18 leisure parks were open. For the two week period since non-essential retail in England opened on 15 June, footfall at Landsec’s destinations was 60 percent of the level in the period last year.

Like-for-like store sales were 80 percent compared to last year, while average transaction values were up 22 percent.

The company said 75 percent of rent due on 25 March has now been collected.

This week, rival British property group Hammerson announced that it had collected just 13 percent of the rent for its UK destinations for the third quarter, while last week shopping centre operator Intu fell into administration following failed crunch talks with its lenders.

Photo: Bluewater. Photo credit: Landsec