Warehouse Reit collects the majority of rent owed, as retailers seek more logistics space during pandemic

Warehouse Reit has joined the list of shed landlords collecting most of the rent due from tenants, as demand for space during the pandemic soars.

The AIM-listed firm said 95% of the total rent due on the December quarter date had been collected as at January 25.

That is higher than at the equivalent date for the March, June and September quarters.

It added that for the financial year to March 2021, the company has now received 96% of rent due, which is expected to increase further.

Unlike other parts of the commercial property market, such as high street retail, where a number of building owners have struggled to collect payments due to Covid-19 disruption, shed landlords have had more success.

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A number of warehouse landlords have seen increased demand from retailers looking for more space to cope with a wave of new online shoppers won during the coronavirus crisis.

Warehouse Reit said since October it has completed 19 new lettings and 24 lease renewals across 238,900 square feet of space. Tenants include a building and construction firm and furniture business.

During the period the company also completed the acquisition of 11 properties for a total price of £80.2 million.

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