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Derwent London and Helical Bar see rental collections at around 75%

Derwent London has waived 25% of its service charge for the March and June quarters

Derwent London -

Derwent London PLC (LON:DLN) and Helical PLC (LON:HLCL), the commercial property groups, have both reported rental collections well below normal for the June quarter.

Derwent London said that for the June quarter so far it had collected 75% of offices rents due and 70% from the portfolio in its entirety.

The FTSE 250 member added that with waiver and deferrals those totals rise to 93% and 90%, though it added that it had waived a quarter of its service charge for the past two quarters at a cost of £4mln.

Derwent said it had now received 86% of the March office rents due.

London and Manchester-focused Helical pointed out that it had received 76.2% of June quarter rents.

A further 14.6% of tenants had agreed to pay in instalments in the period leading up to the September quarter day.

“We have granted rent-free periods on 4.7% of the June rent, mainly in respect of F&B (food and beverage) tenants. We therefore anticipate that by the end of the June quarter we will have collected between 90.8% and 95.3% of all contracted rent," the group said in its update.

Helical added that it had collected 76.8% of the quarterly service charge with most of the remainder to be received by September. For the March quarter, Helical said it had now collected 94.2% of rents.

Quick facts: Derwent London

Price: 2876 GBX

Market: AIM
Market Cap: £3.22 billion

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