Urban Logistics - Evening Standard

January 15, 2021

Warehouse landlords that have seen demand for space surge during the pandemic, have said they collected nearly all the rents they are due.

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

FTSE 100 firm Segro, which counts Amazon and Ocado as customers, has collected 98% of rents for 2020.

For the first quarter of 2021 it has so far received 88% of the rent due. That represents a higher collection level than at the equivalent time in the prior three previous quarters.

Urban Logistics has received 99%of rent for the quarter to March.

Richard Moffitt, chief executive of Urban Logistics, said: “Despite the lockdown restrictions that are once again in place, I’m pleased to report that all of our tenants are operational. Our strong levels of rent collection are evidence of our proactive approach to strong covenants and our preference for tenants involved in the supply of essential products and consumer goods.”

 Jefferies analyst Mike Prew said: “Logistics remains top of the pops in the rent collection league table.”

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