Land Securities, one of the UK’s largest commercial landlords, collected two-thirds of the rent owed by tenants in March, with income showing little sign of improving more than a year into the pandemic.
Retailers and hospitality businesses in Landsec’s £11.8bn portfolio have been hit hard by repeated closures due to coronavirus. In London, those businesses paid just £2m of the £7m they owed for the most recent quarter. Regional retailers fared marginally better, paying £5m of the £13m owed.
Commercial tenants typically pay rent in advance for a three-month period and the most recent payment date was March 25. Landsec’s collection figures are accurate from March 30, five days after payment was due.
Landsec’s rent collection has barely improved during the pandemic. The company, which has a portfolio spanning large offices in London’s Victoria and the City and shopping centres including One New Change near St Paul’s Cathedral and Westgate Oxford,…