Retailers

Hammerson to slash rents by 30%

The group collected less than half of net rental income in the second quarter of the financial year

Hammerson has announced it is planning to slash rents for retail tenants by around 30% as non-essential shops prepare to reopen.

Mark Bourgeois, the group’s managing director, said: “We reckon across the board and our business we’ll probably reduce rents from their peak by about 30% so we are really doing our bit as are all landlords to make sure we maintain vibrancy in these centres.

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