Landsec collects 81% of quarterly rent

Property developer and landlord Landsec has agreed to sell two retail parks, in a move to focus on London projects.
Retail parks have performed well during the pandemic.
// Landsec collects 81% of rent over the past three months, equating to revenues of £77m
// $18m of rent still outstanding, with £6m of this relating to customers with agreed concessions

Landsec has collected 81 per cent of rent over the past three months as it hailed the return of more people to workplaces and further reopenings on the high street.

The commercial property giant, which has Bluewater shopping centre among its portfolio, said it received £77 million in rent payments for the first quarter period ending June 24.

Landsec said there was £18 million of rent outstanding, with £6 million of this relating to customers where concessions have been agreed but documentation is pending.


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In May, the firm reported a loss of £1.4 billion for the full-year period ending March 31, citing a plunge in rental income.

Landsec, which also owns large areas of property in central London, said it has been encouraged by the recent loosening of Covid-19 restrictions.

“As restrictions are reduced, we’re seeing more people returning to work and more businesses trading more freely,” chief executive Mark Allan said.

“We’ve been delighted with the numbers of our customers and partners who have engaged with us as a result, both to address their rent arrears and pay a sustainable rent as they are trading again.”

Allan added that the government’s broad approach to rolling back the current rent moratorium has brought “landlords and tenants together to negotiate constructively”.

The ban on commercial evictions that had been due to expire in June was recently extended until March next year.

However, Allan called on the government to accelerate this to address tenants who would not negotiate.

“It also highlights the need to accelerate the moratorium legislation so that we can meaningfully address those last remaining well-capitalised businesses who continue to refuse to engage with us,” he said.

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