Great Portland Estates has collected 73% of September rent and warned that the market will “remain unpredictable” in the near term.
The landlord collected around 28% of rent from retail, hospitality and leisure tenants, and 85% from other sectors. Two of its occupiers went into administration, representing 0.9% of its rent roll.
Rent deposits and bank guarantees at 30 September totalled £18.5m. All its office buildings remain open and are at 27% occupancy.
Five new lettings totalling 32,700 sq ft were agreed during the quarter, generating an annual rent of £2.3m, and 114,800 sq ft of space remains empty across its portfolio.
The business will draw on funds on 5 November and increase liquidity to £450m.
Chief executive Toby Courtauld said: “The trajectory of Covid-19 continues to dominate the economic backdrop and disrupt the activities of many businesses across London.
“Whilst rental collection and occupancy rates have improved across the portfolio since March, many sectors remain challenged. We continue to engage with those occupiers unable to meet their rental obligations, offering assistance on a case-by-case basis to support them through this difficult period.”
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