Commercial property giant British Land has collected less than half of the rent due from retailers on its estate as many struggled to meet payments after being forced to close down due to stricter lockdown rules.
The company, which owns shopping centres including Ealing Broadway, Sheffield s Meadowhall Centre, and Drake Circus in Plymouth, said it had collected just 46 per cent of rents for the Christmas quarter as of last Thursday.
The bills cover the last three months of the year, which were hit by both lockdown in November and the Government s tier restrictions.
British Land, which owns the Ealing Broadway shopping centre, has collected less than half of the rent due from retailers on its estate
Commercial property giant British Land has sold a three-quarters stake in three London West End buildings to asset manager Allianz Real Estate for just over £400million.
It also agreed to form a joint venture where the FTSE 100 firm will continue to manage the buildings based in Marylebone - and collect an asset management fee, though it will only control a quarter of the new partnership.
The three premises are primarily office space and have a combined 310,000 square feet between them and were valued at more than £500million in late September.
British Land runs the West London office and retail development Ealing Broadway