Hammerson may cut rents for tenants by 30%

Hammerson managing director Mark Bourgeois has told the BBC’s Today programme that the retail property owner will “probably reduce rents from their peak by about 30%”.

The firm, which owns Birmingham’s Bullring and London’s Brent Cross, has faced a challenging few years, exacerbated by the national lockdowns, which resulted in it only collecting around 75% of rents owed by its tenants.

“Typically, we’re resetting our rents to more affordable levels,” Mr Bourgeois told the BBC’s Today programme, adding that they wanted to do their bit to ‘make sure we maintain vibrancy in these centres’.

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