Business
COVID-19 Update
COVID-19 Update.
About this update from Hammerson Plc
[{"type":"text","content":"\n \n \n RNS Number : 9627H\n Hammerson PLC\n 30 March 2020\n \n \n \n \n Hammerson plc (the Company)\n \n \n 30 March 2020\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EC NO. 596/2014) (\"MAR\")\n \n \n COVID-19 update\n \n \n Hammerson today provides an update on the impact of the global COVID-19 pandemic on the business. \n \n \n In this period of unprecedented disruption, our priority is and will always remain the health and wellbeing of our colleagues, consumers and partners, whilst protecting the long-term value of the Company.\n \n \n In each of our markets, we therefore continue to follow government advice and best practice closely, and we are taking appropriate steps to mitigate the spread of the virus. In particular, we are committed to supporting our colleagues and their families through this difficult time, and are hugely grateful for the contribution they have already made to the business in extraordinary circumstances. \n \n \n In these circumstances, we believe we should support our occupiers, particularly smaller and independent brands that are less resilient to the closure of their space in our centres. We have received a variety of requests for rent deferrals, monthly payments, and waivers, which we are reviewing on a case-by-case basis, taking into account the business model and risk profile of the occupier, alongside the aid made available by the relevant governments.\n \n \n UK\n \n \n Across the UK retail portfolio, properties and stores have been shut in line with UK government advice since 24 March other than for access to essential retail as defined by the UK government. Overall, as at the end of 27 March (Q+2 day), we have received 37% of UK rent billed for Q21. Adjusted for rent deferred, switched to monthly payment, and a nominal proportion waived, we have received 57% of rent due. We anticipate both figures to increase as temporary agreements are implemented and further cash is collected.\n \n \n 1. Includes Scotland flagships where the quarter day fell on 28 February and we have collected 99% of rent due. Scotland's next quarter day is 28 May.\n \n \n \n \n \n · \n Flagship destinations\n \n \n Two flagship destinations are fully closed, Victoria, Leeds and Highcross, Leiceste...