Property group Hammerson PLC (LON:HMSO) says it has been inundated by requests for rent deferrals, monthly payments, and waivers
These are being reviewed on a case-by-case basis, taking account of the business model and risk profile of the occupier, alongside any government aid available.
Brent Cross in London and the Bullring in Birmingham are still open at a token level for deemed essential suppliers though 96% of units across its flagship sites are shut.
The group received rents for 37% its UK properties for the March quarter, though this rises to 57% including waivers and switches to monthly payments.
All flagship sites have shut in France with rental payments deferred and last week Ireland’s flagship stores closed.
To preserve cash, the final dividend for 2019 has been scrapped while almost all capital expenditure has been reined back.
Cash and undrawn loan facilities amounted to £1.2bn at end 2019 of which £100mln has since been drawn.