A commercial property landlord in London’s popular Covent Garden district collected less than half of its rent in December.
Capital & Counties said that 42 per cent of rent payments for the month had been collected as of January 28, in line with rent collected at the same point in the previous quarter.
Capco has continued to collect rent from earlier in 2020, with 50 per cent of second-quarter rents, 44 per cent of third-quarter rents and 51 per cent of fourth-quarter rents received.
The group, which manages more than a million square feet in London’s West End, said that as of December 31 the value of its Covent Garden estate was £1.8 billion, down 13 per cent on a valuation made in June. Most