The major British property development and investment company will slash their rents by around 30 per cent.
The move comes as non-essential retail stores reopen their doors and welcome customers for the first time in months amid the Coronavirus pandemic. The developers own an impressive portfolio of properties including the Bullring in Birmingham, London’s Brent Cross, Reading’s The Oracle and the Victoria Quarter in Leeds.
Although Hammerson has been working to collect as much rent as possible, it also aims to ‘share the pain’ that retailers have felt and intends to continue supporting their tenants post reopening. Mark Bourgeois, Hammerson Managing Director commented: “We reckon across the board and our business we’ll probably reduce rents from their peak by about 30 per cent so we are really doing our but as are all landlords to make sure we maintain vibrancy in these centres.”
Bourgeois added that the footfall in last week’s first reopening phase was actually stronger than in the same period last June.
