{"id":163861,"date":"2021-01-12T09:24:28","date_gmt":"2021-01-12T09:24:28","guid":{"rendered":"https:\/\/www.theindustry.fashion\/land-securities-reveals-just-65-of-rents-collected\/"},"modified":"2021-08-06T12:09:49","modified_gmt":"2021-08-06T12:09:49","slug":"land-securities-reveals-just-65-of-rents-collected","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/land-securities-reveals-just-65-of-rents-collected\/","title":{"rendered":"Land Securities reveals just 65% of rents collected"},"content":{"rendered":"<p>One of the UK\u2019s biggest commercial landlords has seen <strong>a slump in rent collections in the final three months of 2020<\/strong> as tenants \u2013 particularly retailers \u2013 struggled to make payments.<\/p>\n<p><!--more--><\/p>\n<p>Land Securities, also known as Landsec, said<strong> rent collection due on 25 December was just 65%<\/strong> \u2013 compared with 94% at the same point a year earlier.\u00a0The company had been due \u00a3112m in rents.<\/p>\n<p>Some <strong>\u00a311m had already been deferred, reduced or cancelled<\/strong> by agreements or due to administrations and company voluntary arrangements (CVA).<\/p>\n<p>But <strong>a further \u00a335m went missing, including \u00a314m which is pending documentation of agreed concessions.<\/strong>\u00a0Office tenants were the best payers, with 87% making the rent deadline.<\/p>\n<p>However the rest of Landsec\u2019s central London estate, mainly made up of retail and leisure businesses, slumped to just 29%.<\/p>\n<p><strong>Only 36% of rents due by regional retail tenants was paid<\/strong> as lockdowns and tier restrictions in the run-up to Christmas led to closures.<\/p>\n<p>Commercial landlords have been particularly concerned about the state of high streets, with London hit harder than other areas of the country.<\/p>\n<p>The capital has remained a ghost town since November\u2019s lockdown \u2013 with just <strong>a handful of busier days between the end of the lockdown and introduction of tiering,<\/strong> which saw non-essential retailers close their doors again.<\/p>\n<p>In the nine months to 24 December, Landsec said the total gross amount due had been \u00a3553m.<\/p>\n<p><strong>Insolvencies and CVA agreements saw that fall \u00a315m,<\/strong> it fell a further \u00a321 million with agreed discounts and \u00a38 million in deferred payments.<\/p>\n<p>The <strong>company has an \u00a311.8bn portfolio spanning 24m square feet,<\/strong> including the Piccadilly Lights in the West End and the regeneration of London\u2019s Victoria.\u00a0It also owns the Westgate Oxford and Trinity Leeds retail centres.<\/p>\n<p>The news from Landsec comes <a href=\"https:\/\/www.theindustry.fashion\/british-land-feels-tier-pinch-as-more-than-half-of-december-retail-rent-missing\/\" target=\"_blank\" rel=\"noopener noreferrer\">a day after rival British Land revealed<\/a> it managed to collect less than half of the rent it is due from the shops and other retail outlets that rent its space, as two-thirds of them were forced to close in January.<\/p>\n<p>British Land said it had collected 46% of December rents by Thursday last week, seven days after they were due.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":141980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[11870,12266,9786,16983,12396],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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