Great Portland collects 69% of June rent as tenants feel Covid pressure

(Sharecast News) - London commercial landlord Great Portland Estates said it had collected 69% of June rent to date including amounts covered by rent deposits as tenants felt the pressure of the coronavirus lockdown.
This figure slumped to 58% when deposits were excluded with 74% collected from office tenants. Only 28% came in from retail, hospitality and leisure sectors clients, hit hardest by the shuttering.

Great Portland said it had taken £21.6m of rent deposits and bank guarantees, of which £2.5m was forecast to be utilised against outstanding June rent.

Chief executive Toby Courtauld said: "Whilst the lockdown has started to ease and our office pre-letting momentum remains healthy, COVID-19 is disrupting the activities of many of our existing occupiers, which in some instances is impacting their ability to meet their rental payments."

The company said it had signed signed new contracts worth £4.3mln of annual rent. At June 30 it had £90mln in cash and £300m in undrawn borrowing facilities.