July 3, 2020 / 7:27 AM / in a month

UPDATE 1-Bluewater owner Land Securities sees demand returning at shopping centres

(Adds shares, details on results, background)

July 3 (Reuters) - Land Securities said on Friday like-for-like sales at its shopping centres achieved 80% of last year’s level in the two weeks since non-essential retail reopened in England, and it would restore its dividend payments.

The property developer said 60% of the 109 million pound ($135.98 million) net rent due on June 24 was paid, compared with 94% last year.

The Bluewater Shopping Centre owner’s shares, which have fallen around 40% in the year, were up 2.6% at 591 pence in early trade.

Retail property owners and tenants have been working together to defer rent payments and find other solutions that will help shops, businesses and landlords to ride out the crisis stemming from coronavirus shutdowns.

Manchester’s Trafford Centre owner Intu Properties called in administrators last week after failing to secure a deal with creditors, but said all its malls will remain open.

Land Securities intends to reinstate dividend payments following half-year results in November, after halting it in April.

The company, whose shopping centres, outlets and retail parks have reopened, said it had 1.2 billion pounds of cash and available facilities.

However, its Accor managed hotels remain closed to the general public and will re-open over the next three months.

$1 = 0.8016 pounds Reporting by Tanishaa Nadkar in Bengaluru; Editing by Sriraj Kalluvila

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below