(Alliance News) - Derwent London PLC on Tuesday said rent collection has been increasing each quarter since March, with high levels of rent collection taking place in the two weeks after the end of September.
The property investment and development business said it has collected 80% of the rent due end September, higher than both the March and June quarters at an equivalent time.
Only 40% of retail & hospitality rent has been received for the September quarter end, where 11% has been granted free rent.
The company has received 83% of its rent from the office sector, where only 1% was granted free rent.
In total, Derwent has 8% of rent due later in the quarter with 6% left outstanding.
Rent collection for the two earlier quarters is now standing at 84% for June, compared to 70% announced in July, and 82% for March, compared to 73% announced in April.
Derwent has now signed GBP8 million of the planned GBP10 million in regear leases which were due to expire in 2020 and 2021.
Since June, Derwent has completed GBP1.9 million of new lettings.
Derwent shares were up 0.1% at 2,850.00 pence each in London on Tuesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Derwent London (DLN)