West End landlord Shaftesbury has collected less than half of owed rents for the quarter to December 2020, but has heralded the upcoming “revival of the West End’s economy” with the relaxation of restrictions in months ahead.

The group, which owns a 16-acre portfolio in the capital, collected 45% of rent for the quarter to 31 December, with 35% waived and 20% outstanding, a collection level which was broadly similar to the two previous quarters.

To 19 February, the group collected 36% of January rents, with 48% waived. Its available liquidity at 31 December was £358.2 million.

“The relaxation of pandemic restrictions will herald the revival of the West End’s economy in the months ahead, with a gradual return of local and domestic footfall and the reopening of hospitality businesses, shops and its world-renowned cultural and leisure attractions,” said chief executive Brian Bickell.

“Our strategy of supporting the survival and reopening of our existing hospitality and retail businesses is aimed at ensuring our locations will be animated, interesting and welcoming for returning customers. Our portfolio is located in the heart of the most vibrant part of London and we are optimistic that the appeal of our carefully-curated destinations will drive the return of footfall and trading.”