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Property giants see hospitality and retail rent collections tumble

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Land Securities Group PLC (LON:LAND) and Derwent London (LON;DLN) have both seen retail rent collections fall while offices have remained relatively strong.

For the December quarter, Landsec said it collected 65% of the expected rent of £101mln, but of that offices were running at 87% while elsewhere the percentage was between 29% and 40%.

Derwent London also collected 87% of its office rent in the December quarter, but retail and hospitality income was just 26% of expectations.

The group added that it had received 83% of the total rent for the quarter, with a further 3% now expected later in the first quarter and another 5% later in 2021

Rent-free periods have been granted on % of total rents in the retail and hospitality sectors, Derwent said.

Landsec, meanwhile, said it had allocated £24mln of rent concessions to customers since April.

Pubs, hotels and restaurants were closed for the long periods during 2020 and are now mostly shut again because of the latest coronavirus (COVID-19) restrictions, 

Those rules also mean that only essential shops are currently allowed to open.

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