Business
Update on the impact of Coronavirus
Update on the impact of Coronavirus.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5055I\n Land Securities Group PLC\n 02 April 2020\n \n \n \n \n Land Securities Group PLC (\"Landsec\") \n \n \n 2 April 2020\n \n \n \n \n Update on the impact of Coronavirus (\"CV-19\")\n \n This announcement contains inside information.\n \n \n \n \n Landsec owns and manages commercial property across the UK comprising offices (50% by value at 30 September 2019), retail (38%), and specialist assets (12%) which includes leisure and hotels. The CV-19 pandemic began to impact Landsec in mid-March and this update explains how our business has been affected by the virus and what steps we are taking.\n \n \n \n \n \n At Landsec, our people, service partners and customers are our primary concern and we are focusing on supporting them during these uncertain times while maintaining the long-term sustainability of our business.\n \n \n Summary:\n \n \n Impact on Landsec\n \n \n ─ The rapid spread of CV-19 has brought with it a huge shift in the use of our buildings. From 24 March, stores at our shopping centres, outlets and leisure assets were substantially closed, save for essential services as defined by the Government. Four retail outlets and seven leisure and retail parks have been closed entirely.\n \n \n ─ We have been informed by Accor that they have closed 15 of their 21 hotels in our portfolio.\n \n \n ─ Our office properties remain open on a reduced service. \n \n \n ─ 65% of the rent due on 25 March was paid by 31 March compared with 96% for the equivalent period last year.\n \n \n Our response\n \n \n ─ We continue to focus on supporting our customers through this period of disruption and are agreeing rent deferrals with many of our retail and leisure occupiers. \n \n \n ─ We have established a rent relief support fund of £80m to help our customers most in need, with a particular focus on supporting F&B customers and small and medium sized businesses.\n \n \n ─ We will give £500,000 to support our existing charity partners with their immediate challenges.\n \n \n ─ We are taking measures to reduce expenditure as far as possible at our operating assets and reviewing the timing of further commitment to expenditure in our development programme.\n \n \n ─ The Board has taken the decision to cancel our third interim dividend due to be paid on 9 April 2020 and will regularly...