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Landsec warns of worsening rent receipts

The commercial landlord has incurred a £23m provision against rent arrears
Landsec warns of worsening rent receipts

Landsec (LAND) is braced for further blows to its rental income in the wake of the government-enforced lockdown and social distancing, warning that third-quarter collections in June could be worse than the shortfall suffered in the prior quarter. After receiving only 63 per cent of rent due at the end of March, the commercial landlord is not hopeful about recouping those arrears, taking a £23m provision that is equivalent to almost three-quarters of the outstanding amount.

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