NewRiver REIT’s second quarter retail rent collection has increased to 60%, up from 46% in early July.
A further 5% of rent owed across its retail portfolio has been deferred and 15% re-geared, while 1% has been waived. This leaves 19% of rent owed outstanding.
In a trading update, the firm added that it had also now managed to collect 64% of the March quarter rent owed with alternative payment terms agreed on another 22% with only 15% of rent still outstanding.
Across the retail portfolio 93% of occupiers by gross income are now open, with the remainder expected to reopen in the coming weeks. Occupancy stands at 93.4%, 1% down on March.
NewRiver said it had also completed 121,700 sq ft of leasing deals, excluding deals relating to non-payment of rent in the first quarter, including long-term deals with Wren Kitchens, Homebase, Holland & Barrett and The Works. The deal terms were 0.3% ahead of ERV and -0.7% below previous passing rent.
The firm added that 90% of its pubs across England, Scotland and Wales have also opened with like-for-like volumes down 15% across its leased and tenanted estate, and like-for-like sales down 13% in its operator managed portfolio, compared to the same period since 4 July last year.
Since 1 April, NewRiver has sold 13 pubs and one convenience store, generating £6.3m in proceeds.
NewRiver also reported that it now has under offer, exchanged or completed asset disposals totalling £52.5m, as part of its strategy to sell between £80m to £100m of assets this year.
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