Follow us


Landsec collects 81% of quarterly rent amid reopening boost
09 July 2021

Commercial property giant Land Securities (Landsec) collected 81% of rent over the past three months as it hailed the return of more people to workplaces.

The Bluewater owner said it has received £77m in rent payments for the quarter to 24 June.

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

In May, the company reported that losses for the 12 months to March 31 widened sharply to £1.4bn after it saw rental income plunge.

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

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

“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 said this shows 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 had been due to expire in June but has been extended until March next year. But Allan called on the Government to accelerate this to address tenants who will not negotiate.

“However, 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.

Shares in the company were 2.2% higher at 682.1p in early trading on Friday.

Newsletter banner

Free NewsletterVISIT