Retail property group Capital & Regional said that while the closure of some retailers under lockdown weighed on its rent collection, it remained optimistic as more tenants reopened their businesses.
The UK-focused property group with a portfolio of seven community shopping centres said it had seen an increase of tenants resuming trading since the easing of restrictions on June 15, allowing for non-essential retailers to reopen. To date, 470 stores — 74% of its units — in its shopping centres are operating from just 68 stores in early May.
“It remains too early to quantify the medium and longer term impacts of Covid-19 on the group’s operations,” the company said in an update.
Capital & Regional said it had a cash on balance sheet of more than £81m on June 30 and a credit facility of £15m available until January 2022.