Hammerson, the property and development company, has received 37% of UK rent billed as of the end of 27 March.

Adjusted for rent deferred, switched to monthly payment, and a nominal proportion waived, Hammerson received 57% of rent due.

In an update to the markets, the company said: “We anticipate both figures to increase as temporary agreements are implemented and further cash is collected.”

Flagship destinations Victoria, Leeds and Highcross, Leicester are fully closed.

Essential stores still trading constitute around 30 units across Hammerson’s UK portfolio, accounting for around 4% of UK flagship passing rent.

At 31 December 2019, the company had £1.2bn of undrawn committed facilities and cash.

On 25 March it drew an additional £100m under these facilities to provide surplus cash reserves.

Liquidity will be further increased by the net proceeds of £395m in relation to the completion of the unconditional sale of a portfolio of seven retail parks, announced on 21 February and scheduled to complete on 23 April.

The company said it was no longer appropriate to recommend a final dividend.

Topics