David Atkins. Credit: Hammerson

Hammerson PLC – Update on rent collection rates & disposal of VIA

Hammerson continues to prioritise the well-being of its customers, colleagues, and partners, and ensuring its destinations remain attractive and safe spaces for consumers to visit and brands to trade. As at October 14, all of the Group's destinations are open, with 94% of the flagship tenants permitted to trade by the relevant local governments in UK and Ireland open, and over 99% in France.

Rent collection

Since the onset of the pandemic, Hammerson has recognised the need to support brands, particularly while destinations were closed. We have worked hard to reach agreements on rent during the closure period that are fair and reasonable.  This has involved a combination of rent deferrals, moving to monthly payments, and in some cases waivers, particularly for smaller and independent brands.

At a Group level, 41% of the Q4 rent has been received, with the UK collecting 38%, Ireland 33%, and France 51%. The level of Q4 collections is higher than at the same point following the June quarter date across all of the Group’s territories.

With most destinations having fully reopened in June and July, despite the extension of the rent moratorium in the UK, Hammerson expects Q3 and Q4 rent collection rates to continue to improve, and for occupiers to pay the agreed rent for these periods, even if discussions regarding Q2 are ongoing.

Rent NetAmount payable (£m)Not yet due (£m)Deferred (£m)Collected (£m)Outstanding (£m)Collected of due (%)Collected at 31 July (%)

*Of the outstanding balance of £85.4m, we have waived £11.9m, principally relating to Q2 rents. Source: Hammerson PLC

VIA Disposal

Hammerson today confirms that the necessary clearances from the relevant competition authorities for the c.€301m (c.£274m) disposal of VIA Outlets to APG have been received. No further clearances or approvals are required and as a result the transaction is on track to complete in Q4 of this year.

CEO Update

Following the announcement on the September 30 of the appointment of Rita-Rose Gagné as Chief Executive Officer and Executive Director, Hammerson can confirm that she will join the Company and Board on the November 2, 2020 and David Atkins will step down as Chief Executive Officer and Executive Director on this date.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

Across Retail Talks online, November 12, 4pm (cet)

Restaurants & Gastronomy – has this former rising star turned into a fallen angel for the real estate industry?

First Brands Announced For McArthurGlen Designer Outlet West Midlands

The first collection of premium brands has been unveiled for McArthurGlen Designer Outlet West Midlands, marking an exciting milestone in the £160 million development that will be the UK’s newest major fashion and leisure destination when it opens in early 2021.

McArthurGlen CEO, Julia Calabrese, assumes new role of Vice Chairman

Europe’s leading designer outlet group, McArthurGlen, has announced that its long-serving CEO, Julia Calabrese, will assume the new role of Vice Chairman. Susie McCabe and Joan Jove will succeed her as Co-CEOs.

Chapman Taylor designing major mixed-use venue in central Tashkent

Chapman Taylor is designing a major mixed-use development for a 5.6-hectare former factory site in central Tashkent, Uzbekistan.

Silverburn gets in the spirit with store opening for Scottish artisan distillery and brewery Eden Mill

Hammerson has announced that leading Scottish distillery and brewery, Eden Mill, has chosen its flagship destination Silverburn, in Glasgow, to launch its latest premium pop-up gift store.

Tokmanni to reopen its comprehensively remodelled store in Hamina

Tokmanni, Finland's largest general discount retailer, will open its comprehensively renewed store in Hamina on Thursday 29 October 2020 at 8 am. The opening of the modern and more attractive store will feature many special offers and Tokmanni’s popular free buckets filled with product gifts. Tokmanni will, naturally, ensure a safe shopping experience also at its store opening events.