Shopping centre operator Hammerson said today it has collected just 16% of rents due in the UK during the third quarter to the end of June, as retailers reeled under pressure with the coronavirus lockdown denting sales.
The British company said it has received approval for issuance of up to £300m under the UK government's Covid Corporate Financing Facility (CCFF), bumping up its maximum liquidity to £1.5 billion.
Hammerson owns a 50% stake in the Dundrum, Ilac and Pavillion shopping centres in Dublin, and a 40% stake in Kildare Village.
Rival Intu Properties was forced to bring in administrators last week after failing to secure a deal with creditors, news that sent Hammerson's stock price dwindling as much as 15%.
Intu was already struggling with a hefty debt load, but the Covid-19 crisis proved to be the final straw as it hammered rent payments.
Hammerson said it received nearly three-quarters of the rent in the UK for the first half the year.
"The company is confident that collection rates will continue to improve materially in all regions as agreements are progressed with brands," Hammerson said.