7th Jul 2020 08:38
(Alliance News) - Property investment and development business Derwent London PLC on Tuesday said the retail and hospitality sector has seen the least amount of rent paid over the June quarter due to the impact of coronavirus.
The London-based group said GBP3.8 million has been collected from the retail and hospitality sector in the three months to June 30, which is 49% of the total rent due for the sector.
Rent free periods have been granted to 4% of total rents, mainly in the retail and hospitality sector.
The group has waived 25% of its service charges for both the March and June quarters, at a cost of GBP4 million to the company, as part of the ongoing support for the group's occupiers.
Derwent London has received 70% of the total rent due for the June quarter, with 90% of it paid when adjusting for rents deferred or waved.
As of Monday this week, 98% of the rent due for the quarter to March 31 had been collected, totalling GBP43.3 million. This comes after the company received less than three quarters of rent due at the end of the month of March.
Derwent London shares were down 1.0% at 2,898.00 pence on Tuesday morning in London.
By Greg Roxburgh; [email protected]
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