Hammerson receives less than half its rent as retailers grapple with Covid
Hammerson received less than half of the rents due for the first quarter of 2021, as retailers struggled in the face of coronavirus restrictions across the UK and most of Europe.
At a group level, 41 per cent of Q1 2021 rent due has been received by Hammerson, with the UK collecting 41 per cent, France 46 per cent, and Ireland 31 per cent.
Today Hammerson’s share price was up 2.81 per cent, despite the challenges facing the business.
The London-based shopping centre operator said the new lockdown had shut about three-quarters of its occupiers in the UK and caused a drop in footfall.
Meanwhile in France, businesses renting from Hammerson are subject to a 6pm national curfew, primarily affecting restaurants and leisure brands.
In Ireland, Hammerson businesses have been temporarily banned from click and collect services for non-essential retail, and only around a quarter of businesses renting from Hammerson have stayed open.
Hammerson said market conditions had “remained challenging” toward the end of 2020, although footfall during the Christmas period was encouraging in some countries.