Capital & Counties PLC (LON:CAPC) has confirmed the coronavirus lockdown has had an impact on its high profile estate in Covent Garden.
Property values have dropped 17% since the start of 2020 to £2.2bn, it said, while rental collections have reduced markedly in recent months.
Just 44% of second-quarter rentals were collected in full with 53% of tenants on special arrangements that include lease extensions and rents linked to turnover.
The third quarter so far has seen the rent collection figure drop to 27% with alternative arrangements in place for 67%.
Shops and restaurants in Covent Garden closed in March but the majority of retail and hospitality customers on the estate have now reopened or are set to reopen imminently, Capco said.
“Whilst initial indicators are encouraging, the trading environment remains challenging. It is too early to predict when footfall will return to previous levels whilst physical office occupancy remains significantRead More – Source
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