Hammerson PLC Update on rent collection rates & disposal of VIA (1342C)
October 15 2020 - 1:00AM
UK Regulatory
TIDMHMSO
RNS Number : 1342C
Hammerson PLC
15 October 2020
Hammerson plc (the Company)
15 October 2020
Update on rent collection rates and 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 14 October, 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 Net Amount payable Not yet due Deferred Collected Outstanding Collected of due Collected at 31
(GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (%) July
(%)
Q1 67.8 - - 65.5 2.3 97 96
----------------- ------------ --------- ---------- ------------ ----------------- -----------------
Q2 69.7 - 7.4 36.7 25.6 59 46
----------------- ------------ --------- ---------- ------------ ----------------- -----------------
H1 137.5 - 7.4 102.2 27.9 79 72
----------------- ------------ --------- ---------- ------------ ----------------- -----------------
Q3 68.8 - 1.2 39.6 28.0 59 34
----------------- ------------ --------- ---------- ------------ ----------------- -----------------
Q4 61.7 11.4 - 20.8 29.5 41
----------------- ------------ --------- ---------- ------------ -----------------
YTD 268.0 11.4 8.6 162.6 85.4* 66
----------------- ------------ --------- ---------- ------------ -----------------
*Of the outstanding balance of GBP85.4m, we have waived
GBP11.9m, principally relating to Q2 rents
VIA Disposal
Hammerson today confirms that the necessary clearances from the
relevant competition authorities for the c.EUR301m (c.GBP274m)
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 30 September 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 2 November 2020 and David Atkins will step
down as Chief Executive Officer and Executive Director on this
date.
The announcement above has also been released on the SENS system
of the Johannesburg Stock Exchange.
ENDS
Investor Contact
Josh Warren, Hammerson, Head of Investor Relations
Tel: +44 20 7887 1053
josh.warren@hammerson.com
Richard Shaw, Hammerson, Director of Finance, Group Finance
& Reporting
Tel: +44 207 887 1820
richard.shaw@hammerson.com
Press Contacts
Hammerson
Catrin Sharp, Head of Corporate Communications
Tel: +44 20 7887 1063
catrin.sharp@hammerson.com
Bryn Woodward, Media Relations Manager
Tel: +44 207 887 1083
bryn.woodward@hammerson.com
FTI Consulting (for Hammerson)
Dido Laurimore
Tel: +44 20 3727 1000/ 0780 1654424
dido.laurimore@fticonsulting.com
Notes to editors
Hammerson
Hammerson create vibrant, continually evolving spaces, in and
around thriving European cities, with a focus on flagship retail
destinations and Premium Outlets. As of 30 June 2020, our portfolio
of high-quality venues had a value of GBP7.7 billion and included
21 flagship destinations in thriving cities, and investments in
premium outlet villages through our partnership with Value Retail
and the VIA Outlets joint venture. Key retail venues include
Bullring & Grand Central, Birmingham, Bicester Village,
Oxfordshire, Dundrum Town Centre, Dublin, and Les Terrasses du
Port, Marseille.
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