{"id":165964,"date":"2020-03-26T13:20:00","date_gmt":"2020-03-26T13:20:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/british-land-announces-strong-cash-position-amid-covid-19-crisis\/"},"modified":"2021-08-06T12:05:12","modified_gmt":"2021-08-06T12:05:12","slug":"british-land-announces-strong-cash-position-amid-covid-19-crisis","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/british-land-announces-strong-cash-position-amid-covid-19-crisis\/","title":{"rendered":"British Land announces strong cash position amid Covid-19 crisis"},"content":{"rendered":"<p>Meadowhall owner, <strong>British Land has has announced its strong cash position to face the Coronavirus outbreak<\/strong>, and also introduced a three-month rent holiday for small retail, food and leisure tenants.<\/p>\n<p><!--more--><\/p>\n<p>The shopping operator owns leading retail destinations such as Meadowhall in Sheffield, Drake Circus in Plymouth and the new Broadgate development in London.<\/p>\n<p>Excluding Valentine in Lincoln, essential stores such as supermarkets and pharmacies in all of British Land's retail destinations remain open. Also around 12% of the total number of individual units are currently open.<\/p>\n<p>In order to support tenants who are being impacted by the global health crisis, British Land has offered to release smaller retail, food &amp; beverage and leisure tenants from their rental requirements for three months.<\/p>\n<p>In addition, the business will <strong>defer the March quarter day rents and distribute repayment over the six quarters from September 2020 <\/strong>for other\u00a0tenants facing financial difficulties due to the Covid-19 outbreak. Although, such efforts could have a financial impact of \u00a340 million.<\/p>\n<p>Despite this, British Land says it has a<strong> \u201cstrong and robust financial footing\"<\/strong>,\u00a0with cash reserves of \u00a31.2 billion, undrawn facilities and no requirements to refinance until 2024.<\/p>\n<p>In response to the current crisis, <strong>the company has suspended all future dividend payments with immediate effect as well as the third quarter dividend due in May<\/strong>. Underlying earnings for the year ending 31 March is believed to be \"<strong>broadly in line\"<\/strong>\u00a0with previous expectations.<\/p>\n<p>Last year<strong>, <a href=\"https:\/\/www.theindustry.fashion\/almost-600m-slashed-from-value-of-british-land-amid-retail-turmoil\/\">British Land saw almost \u00a3600 million slashed from the value<\/a><\/strong>\u00a0of its retail property portfolio as it was struck by the current turmoil facing UK retailers.<\/p>\n<p>The shopping centre operator\u00a0<strong>was weighed down by the recent flurry of shop closures<\/strong> and restructurings by major high street retailers in the six months to September last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":50,"featured_media":137815,"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":[16042,10585,6,10494],"tags":[11870,14945,5202,5707,19392,11869,35,17964,16089,19370],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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