British Land collects less than half of retail rents in December

British Land has so far collected 46% of due December rents in its retail division, with just 32% of its stores able to trade in some way through the latest lockdown.

According to the group’s Christmas trading update, rent collection levels for previous quarters have continued to increase, with 72% of September rent, 73% of June rent and 49% of March rent from its retail arm now collected.

From 30 November to 26 December, footfall across its portfolio was 76% of the level achieved last year, 21% ahead of the UK market benchmark (according to the ShopperTrak National Index).

Like-for-like retailer sales for stores that were open were 81% of the same period last year and there was “no notable difference” in performance between assets in different Tiers.

Open air retail parks continued to play an important role for retailers throughout the period, with footfall 87% of the same period last year, 32% ahead of the UK market benchmark.

Retailer sales for stores that were open on its retail parks were 85% of the same period last year.

Since its November update, the business has completed on a further £19m smaller retail sales, bringing total assets sold in FY21 to £1.1bn with £660m in the second half.