Hammerson has warned its tenants that it will no longer offer rent concessions to hard-hit retailers and businesses, as its rent collection rates continue to improve.
Collection rates have continued to improve, with 89% of billable rents collected for the financial year 2020, and 68% for the first half of 2021.
Initial Q3 rent collection is at 47% – ahead of Q1 and Q2 at the same point in time, and financial year 2021 year to date collection now stands at 62%.
During the Covid-19 pandemic, Hammerson said £26 million in rents were waived, written off or still not yet due for 2020, with £15 million in the same situation so far this year.
Hammerson said: “We expect all rent collections to continue to improve as remaining Covid-related restrictions are lifted. We do not anticipate granting future concessions and all avenues to collect rents due are being pursued.”