(Alliance News) - Derwent London PLC on Friday said it has seen its best quarterly rent retrieval rates in over a year, though collections in the retail and hospitality sector continued to flounder, despite a recent easing of lockdown measures in the UK.
The property developer and landlord focused on central London said it has collected 89% of rent for the second quarter.
"These collection rates are higher than for the previous four quarters at an equivalent time," Derwent explained.
It has collected 93% of office rents, though just 27% of retail and hospitality rent.
"Rent-free periods have been granted on 1% of total rents, mainly for retail and hospitality tenants," Derwent added.
The beleaguered sector received a boost in April after an easing of virus restrictions in England meant they were able to provide outdoor dining services. In May, indoor dining returned in England.
The end of all legal Covid-19 restrictions in England, dubbed 'freedom day', is penned for July 19.
Derwent said it has now received 94% of first-quarter rent, up from the 87% it announced on April 13. For the final quarter of 2020, it has now received 92% of rent, up from 83% on January 12.
Derwent shares were 1.1% higher at 3,457.00 pence each in London in early dealings on Friday.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Derwent London (DLN)