British Land rent collection and retail activity improve

British Land said rent collection was improving and activity at its retail parks was close to pre-pandemic levels as lockdown restrictions were eased.

The FTSE 100 property group said it collected 85% of rents due in June - 24 percentage points better than at the same point for the December quarter and 17 points ahead of the same point after the March quarter.

Retail footfall was 86% and sales were 94% of pre-pandemic levels since the reopening of hospitality on 17 May. At retail parks, which make up more than half of retail assets, footfall was 96% and sales were 99% of pre-crisis levels.

The owner of London's Broadgate complex and Sheffield's Meadowhall shopping centre said rents were stabilising and retail park values appeared to be rising with asset values up 0.7% for the quarter to June.

Simon Carter, British Land's chief executive, said: "With lockdown restrictions lifting, we have seen a notable improvement in activity across our markets and our business is performing well. On our retail parks, footfall and sales are close to pre pandemic levels, rents are stabilising with recent deals in line with March estimated rental value and there are indications that retail park values are starting to rise as more investors target the market."