Hammerson posts “significant” improvement in rent collection

Hammerson
Hammerson told investors that occupiers were benefitting from the lifting of Covid restrictions across all regions and nations

Hammerson has recorded a “significant” improvement in rent collection for the fourth quarter of the financial year.

The property owner said that 70 per cent of fourth quarter rent had been collected so far.

This is “significantly ahead” of any quarter since the first quarter of 2020 at the same point in time.

READ MORE: Hammerson to axe jobs as part of cost cutting strategy

Hammerson told investors that occupiers were benefitting from the lifting of Covid restrictions across all regions and nations.

The company recently said it expected to cut around 40 jobs as part of a restructuring programme.

“As with quarter three, the UK continues to be the strongest performer, with 74 per cent of rent collected, Ireland stands at 71 per cent, with France at 65 per cent,” Hammerson said.

“FY 2020 collections now stand at 94 per cent and full year 2021 year-to-date at 78 per cent.

“We remain focused on collecting arrears. We do not anticipate granting future concessions and all avenues to collect rents due are being pursued.”

Footfall in all territories is now around 15 to 20 per cent below 2019 levels, although some centres in the UK exceeded 2019 comparable levels around the key August bank holiday weekend and have continued to perform strongly since.

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