David Atkins. Credit: Hammerson
Ticker

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 (%)
Q167.865.52.39796
Q269.77.436.725.65946
H1137.57.4102.227.97972
Q368.81.239.628.05934
Q461.711.420.829.541 
YTD268.011.48.6162.685.4*66

*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

Ikea Westbahnhof Vienna: It will be August 26, 2021

On this day, Ikea Westbahnhof Wien opens its doors after two years of construction. The new omnichannel store with its green facades is completely car-free. Among other things, a roof terrace offers a view over the Austrian capital.

Change in the YIT Management Team

YIT Corporation's Board of Directors has appointed Tuomas Mäkipeska (43, M.Sc. in Economics) as YIT’s Chief Financial Officer and a member of the Group Management Team. He shall take over his position latest at the beginning of February 2022.

M7 signs 1,000 sq m letting with fashion brand, Sinsay, at the Csillag Center in Budapest, Hungary

M7 Real Estate, the pan-European investor and asset manager specialising in multi-tenanted properties, announces that it has completed the letting of a significant 1,025 sq m retail unit at the newly refurbished Csillag Center in Budapest, Hungary, to Polish fashion brand, Sinsay, on behalf of M7 CEREF I.

New Centre Manager Appointment at CBRE Global Investors’ Angel Central

CBRE Global Investors announced the recent appointment of Adam Cummins, as the new Centre Manager at leading London leisure and retail destination, Angel Central. He joins the team at Lambert Smith Hampton, appointed by CBRE Global Investors as the managing agents for the destination.

Breuninger expands its presence to Hamburg

In 2023, Stuttgart-based fashion and lifestyle company Breuninger will open a new flagship store in the Westfield Hamburg-Überseequartier district, its first location in northern Germany. As the largest anchor tenant by far in the heart of Hamburg’s HafenCity district, Breuninger will occupy a total area of more than 14,000 square metres in the future. The long- term lease agreement with the project developer and district operator Unibail-Rodamco- Westfield (URW) was signed today in Hamburg.

New Faces at Nepi Rockcastle

The Board has nominated George Aase as Chairman of the Board, effective 18 August 2021. Rudiger Dany has been contracted by the Company from 6 July 2021 and will be appointed as Chief Operations Officer of NEPI Rockcastle effective 18 August 2021.