1st Jul 2020 09:22
(Alliance News) - British Land Co PLC said it has opened the majority of its stores as it noted progress on its Liverpool Street development.
The FTSE 100 real estate investment trust said it has reopened 894 stores - or 64% of stores - in England, 116 stores in Scotland - or 50% - and 43 stores in Wales.
It added that for the week commencing June 14, footfall at its English stores was 64% of the level achieved in the same week in 2019 and like-for-like sales in the open stores were at 91% of the same week the previous year.
London-based British Land stated that as at June 26, it had collected 88% of rent for offices and 36% in retail for the June quarter. It said that for smaller operators, it has agreed rental waivers of GBP3 million in addition to GBP2 million for the March quarter.
In addition, the group is in discussions with larger retail and leisure operators and has agreed on plans which include moves to monthly rents and deferrals and partial settlement of March and June rents, typically in return for the removal of lease breaks, lease extensions, reduced incentives or commitments for additional space. Collection rates for June are expected to improve over the coming weeks.
Separately, the company said it launched its 100 Liverpool Street development at Broadgate in June. The office element is expected to complete in July with full completion expected in the third quarter of 2020. 1 Triton Square at Regent's Place is expected to be complete by the second quarter of 2021.
Shares in British Land were trading 0.7% higher at 389.30 pence each on Wednesday morning in London, but 38% lower than at the start of the year.
By Ife Taiwo; [email protected].
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
British Land