British Land will defer £40m in rents for this quarter and spread repayments to mitigate the impact of the coronavirus outbreak.
The landlord is deferring March quarter rents for retail customers experiencing financial challenge because of the Covid-19 pandemic, spreading the repayments over the six quarters from September 2020. British Land has estimated this to result in £40m of rent deferrals.
Smaller retail customers will be released from their rental obligations until June. This is expected to incur a financial impact of around £3m for the landlord. British Land has also temporarily suspending future dividend payments, including the third-quarter dividend due in May.
It has successfully extended and amended one of its unsecured revolving credit facilities at £450m, and has £1.2bn of available cash and undrawn facilities and no requirement to refinance until 2024.
Following the lockdown announced on 23 March, British Land’s Valentine shopping centre in Lincoln has temporarily closed. All others remain open to provide access to essential stores.
Retail accounts for 41% of British Land’s portfolio.