Land Securities gets 65% of rent in March quarter, scraps dividend

(Reuters) – Land Securities has received only two-thirds of the rent due last month from its tenants and has cancelled its third interim dividend, the British property developer said on Thursday.

The company, which established a 80 million pounds ($99.17 million) rent relief fund, said 65% of rent due on March 25 was paid by the end of the month compared with 96% paid last year.

“During March, we saw a rapid drop off in visitor numbers to our retail and leisure destinations and many of our office customers invoked working from home protocols for their employees,” it said.

(Reporting by Samantha Machado in Bengaluru; Editing by Bernard Orr)