// Capital & Regional collects 34% of rent due for the June quarter
// The shopping centre giant said it had collected around 40% of all rents due from March 25 to the present day
Capital & Regional has received 34 per cent of rent due for the June quarter.
The shopping centre owner said it had collected around 40 per cent of all rents that were due from March 25 to the present day, incorporating rents payable on both a quarterly and monthly basis.
Capital & Regional kept all seven of its community shopping centres open during lockdown, and said that since non-essential retailers were given the green light to reopen on June 15, there had been a “significant increase” in the number of tenants trading.
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It reported that 470 of stores across its shopping centres were open and trading, equating to 74 per cent of units, with a further 10 per cent currently confirming their reopening dates.
For the week ended June 28, footfall across its centres was at 55 per cent of that seen in the same week last year.
As at June 30, the company recorded total cash of more than £81 million, with undrawn revolving credit facility of £15 million available until January 2022.
The company said it had signed waivers for all its income covenants and for its three largest asset-backed loan facilities, which represents 93 per cent of its outstanding debt.
On Friday, fellow shopping centre owner Landsec recorded “encouraging” footfall levels at its centres and will reinstate its shareholder dividend from November.
Meanwhile, British Land and Hammerson said on Wednesday that they have sought to assure over an improving picture in the hard-hit retail sector, but revealed ongoing difficulties for retailers to meet rent demands.
The firms – which own Meadowhall in Sheffield, and Birmingham’s Bullring and Brent Cross in north London respectively – said they had collected just 16 per cent of third quarter rent in the UK.
Intu, which is currently struggling the most out of the property giants, fell into administration last week after crunch talks with its lenders were unsuccessful.
It applied to appoint James Robert Tucker, Michael Robert Pink and David John Pike of KPMG as joint administrators.
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