Hammerson collects 13 percent of Q3 UK rent

British property group Hammerson has announced that it has collected just 13 percent of rent for its UK destinations for the third quarter.

The company, which owns Bullring shopping centre in Birmingham and Brent Cross centre in London, said that as at 29 June it has collected 13 percent of rent in the UK but said it was too early to comment on France and Ireland Q3 rent collections. From the same date, it has collected 73 percent of H1 2020 rent in the UK, 53 percent in France and 72 percent in Ireland.

Remaining upbeat, the company said it is “confident that collection rates will continue to improve materially in all regions as agreements are progressed with brands”.

It has also received approval for issuance of up to 300 million pounds under the Covid Corporate Financing Facility (CCFF), increasing its maximum liquidity to 1.5 billion pounds.

Last week, rival British shopping centre operator Intu fell into administration following failed crunch talks with its lenders. The firm, which operates Manchester’s Trafford Centre and Lakeside in Essex, has appointed accountancy firm KPMG as administrator. Its shopping centres will continue to trade for now.

Photo credit: Grand Central, Hammerson