3rd Jul 2020 07:41
(Alliance News) - Capital & Regional PLC on Friday said it has received just over a third of its rent due late June, and added that footfall at its assets bounced last week.
Capital & Regional said it has received, or expects to "imminently receive", 34% of its rent due in the third quarter. It added that it has received 40% of rent due since late-March.
Back in March, it said it had received 50% of rent due for the second quarter, compared to 80% in the equivalent period a year ago.
Capital & Regional owns seven shopping centres in the UK and they remained opened during the stricter lockdown as some tenants provide essential services.
As restrictions eased, non-essential retailers were allowed to lift shutters and Capital & Regional said 470 of its stores are open again, about 74% of its units.
Footfall for the week ended June 28 was about 55% of the levels seen a year ago, though up 97% from the week before, as UK virus restrictions eased.
"We are working closely with the remaining retailers to re-open as soon as possible noting only 5% of our retailers are currently not authorised to open," the company said.
"It remains too early to quantify the medium and longer term impacts of Covid-19 on the group's operations. Whilst it is clear that Covid-19 is rapidly accelerating a number of structural trends that were already under way in retail industry, we continue to believe the group's focus on local community centres providing non-discretionary and essential goods and services will help mitigate the group on a relative basis and provides the business with a sound base in these unprecedented times."
The company plans to release its results for the six months to June 30, on September 4.
By Eric Cunha; [email protected]
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