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Great Portland Estates resorts to deposits as tenants struggle to pay rent due to coronavirus pandemic

The landlord is focused on offices and commercial spaces in central London, which have been hit hard by the lockdown

Great Portland Estates - Great Portland Estates PLC resorts to deposits as tenants cannot pay rent

Great Portland Estates PLC (LON:GPOR) said it is taking rent deposits and bank guarantees against outstanding June rent as tenants are struggling to pay amid the coronavirus crisis.

The FTSE 250-listed landlord is focused on offices and commercial spaces in central London, which have been hit hard by the lockdown.

READ: Great Portland Estates expects fall in demand, raises dividend

In June, the group said, 69% of rent was collected, 11% of which were deposits worth £2.5mln, while now all offices are open and operating against safety measures.

In the quarter to June 30, 2020, the real estate investment trust said it signed new contracts worth £4.3mln of annual rent.

At period end it had £90mln in the bank plus undrawn borrowing facilities of £300mln.

Shares were flat at 608.2p early on Friday.

--Adds shares--

Quick facts: Great Portland Estates

Price: 602.2 GBX

LSE:GPOR
Market: LSE
Market Cap: £1.53 billion
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