Aberdeen's Union Square owner sees rent collection and footfall recover

Hammerson, the retail ­property giant that owns Aberdeen’s Union Square ­centre, has revealed the number of shoppers heading to its sites has improved to between 15 per cent and 20 per cent below pre-Covid levels.

Aberdeen's Union Square centre is among Hammerson's assets.

But the group, which also owns the Birmingham Bullring and London' s Brent Cross, said despite the numbers still being below pandemic levels, all rents must be paid, adding: "We do not anticipate granting future concessions and all avenues to collect rents due are being pursued."

Last year, the firm said £30 million in rents were waived, written off or still not yet due, with £20m in the same situation so far this year.

Sign up to our daily newsletter

The i newsletter cut through the noise

Around 94 per cent of rents owed from last have now been paid and 78 per cent of this year's have also been paid, the company added.

Sites in the UK have performed best, including some shopping centres seeing footfall exceeding pre-pandemic levels on the August bank holiday weekend.

UK sales are now in line with August and September 2019 but these were dragged down by business in France, with sales down 4 per cent.

Rent collected in the final quarter of the year is at 70 per cent, with 74 per cent of rent collected in the UK, Ireland is at 71 per cent and France at 65 per cent.

Hugh Carrow, an analyst at Liberum, said: “While still subdued, we expect rent collection to continue to improve slightly with encouraging footfall trends given low restriction levels, although we still have concerns on whether levels will be sustained without international visitors returning ahead of the winter trading period.”

Read More

Read More
Aberdeen Union Square owner confirms talks to sell retail parks including in Fal...

A message from the Editor:

Thank you for reading this article. We’re more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers. If you haven’t already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription: www.scotsman.com/subscriptions


Want to join the conversation? Please or to comment on this article.