- Commercial property company British Land reported improved rent collection as the lifting of restrictions helped boost the performance of retailers, with footfall and sales nearing to pre pandemic levels.

'Rents are stabilising with recent deals in line with March ERV and there are indications that retail park values are starting to rise as more investors target the market,' the company said.

Across the business, £87 million of rent was due for payment in the June 2021 quarter. This comprised £43 million in retail and £44 million in Offices.

As of 8 July 2021, 11 working days after the quarter end, the company collected 85% of the total amount. This compared with 72% of the total amount collected at the same point following the December quarter end and 76% following the March quarter end.

Retail collection was 24% ahead of rent collection at the same point for the December quarter and 17% ahead of the same point for the March quarter.

March rent collection was now 91% overall, with 99% in offices and 85% in retail collected.

'[W]ith trading restrictions substantially lifted and the vast majority of our customers trading well and paying the rent due, we do not expect to make further concessions this quarter,' the company said.

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