Derwent London collects 80% of rents for September quarter on due date

Property investment and development firm Derwent London has collected 80% of rents for the September quarter on their due date, an improvement on both the June and March quarters.

Derwent said on Tuesday that it had received 83% of office rents, an 11% quarter-on-quarter improvement, while only 40% of total retail/hospitality rents were collected on time.

A further 8% of rents will become due later in the quarter, while another 5% will now be paid in 2021.

The FTSE 250-listed firm, which has completed £1.9m of new lettings since June, also noted that it had continued to receive rent in relation to the earlier quarters, with June rent collections now at 84%, up from 70% when first announced on 7 July, with an additional 8% still to be received from agreed payment plans.

Elsewhere, Derwent announced it had signed on around £8.0m worth of leases due to expire in 2020 and 2021 and added that it was in "active negotiations" on a further £6.0m of income.

As of 0820 BST, Derwent shares were up 0.07% at 2,850.0p.