// Hammerson reports back on quarter rent day with just 38% of UK tenants paying up
// Shopping centre giant notes an improvement in rents received compared to previous quarter
// Sale of stake in VIA Outlets given clearance and expected to go ahead in the current quarter
Shopping centre giant Hammerson said just 38 per cent of its UK tenants had paid rent for the final quarter of the year.
In an update this week, Hammerson noted the level of fourth quarter collections were higher than at the same point following its June quarter date collections, even with the UK’s extension of the moratorium on business evictions.
The Birmingham Bullring owner said that as of Tuesday October 13, all of its shopping destinations had reopened, with 94 per cent of its tenants allowed to trade in the UK and Ireland.
Last month the Government announced that it would extend support to stop business evictions until the end of 2020.
It also called on landlords and tenants to work together to agree rent payment options for the rest of the year if tenants are struggling.
In August, Hammerson has said it plans to raise £825 million through a £552 million fundraise and £274 million sale of assets in an effort to offset “the extraordinary disruption caused by Covid-19”.
The shopping centre giant will bolster its financial position through a proposed rights issue, as well as the sale of the company’s 50 per cent stake in VIA Outlets, bringing the combined £825 million cash influx.
Hammerson this week announced it had received the go-ahead from competition authorities to proceed with its disposal of its stake in VIA Outlets.
The sale is expected to complete within the current quarter.