Shopping centre owner Hammerson paid just a third of rents

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Shopping centre owner Hammerson paid just a third of rents as its tennants struggle in the pandemic

By Daily Mail City & Finance Reporter

Published: | Updated:

Hammerson only collected 38 per cent of its UK rents due for the current quarter after shop tenants were hit by the pandemic.

The shopping centre owner said it collected 41 per cent of rents across the global business, as the retail sector continues to struggle.

The business, which owns Birmingham’s Bullring, said that as of Tuesday, all of its shopping destinations had reopened, with 94 per cent of its tenants allowed to trade in the UK and Ireland.

Unpaid rents: Hammerson, which owns Birmingham’s Bullring shopping centre (pictured), said that as of Tuesday, all of its shopping destinations had reopened

However, rent payments have been slow to return after the Government extended its moratorium on lease forfeiture by commercial landlords until the end of the year.

The move means that landlords will be unable to threaten to kick out tenants who do not pay their leases on time until the start of January.

The company stressed that it expects rent collection rates for the past two quarters to ‘continue to improve’.

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