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

Last updated: 08:42 10 Jul 2020 BST, First published: 07:24 10 Jul 2020 BST

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--

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