Hammerson hit by new round of coronavirus lockdowns

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Hammerson PLC (LON:HMSO), the retail property specialist, said trading continues to be challenging with a new round of coronavirus (COVID-19) restrictions reversing an improvement in footfall in the run-up to Christmas.

National lockdowns are in place in Ireland and the UK, with significant restrictions in place across France and continental Europe, Hammerson said in a statement,

In the UK currently, only a quarter of the company’s tenants are open either offering essential retail, Click & Collect, and/or takeaway and delivery services.  

Hammerson’s destinations in France are now subject to a 6pm national curfew, primarily impacting food, drink and leisure brands.

Rent collections also remain difficult, Hammerson said, with 41% received for the first quarter of 2021 of which Ireland is the worst performer at 31%.

Hammerson raised £829mln through a share issue and sale of its VIA Outlets in November, which it has used to repay some borrowings.

Undrawn liquidity is £1.25bn plus substantial cash holdings, Hammerson added.

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