StockMarketWire.com - Property developer Great Portland Estates said expected leasing activity, particularly in retail, to decline until the Covid-19 crisis passed.

The company asaid it was working with its occupiers following a shortfall in rental collections.

'We collected 62.9% of quarterly rent due within seven working days of the March quarter day (Dec 2019: 99.3%, March 2019: 99.2%) with a further 4.5% expected imminently; more than 60% of the outstanding rent is from occupiers in the retail, hospitality and leisure sectors,' the company said.

Four new lettings totalling 10,900 square feet was secured in the quarter to 31 March 2020, and 13 further lettings were currently under offer totalling £9m per annum of rent, including three office pre-lettings. A further two new pre-let offers had been received in the past seven days, the company added.

A decision about payment of a final dividend will be made once the year end results are finalised in May, Great Portland Estates said.

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