London property group sees 43 per cent revenue drop but remains "well positioned"

A London property group has today reported that it lost no tenants during lockdown despite a 43 per cent drop in revenue.

London & Associated Properties (LAP), which owns various retail and business properties across the country, saw group revenue decrease by 43.7 per cent to £16.9m, down from £30m in the same period last year.

However, none of the company’s current tenants were lost due to insolvency caused by the pandemic, allowing it to remain “resilient”.

Throughout the period, LAP has bid on a number of properties as it continues its growth plans.

It added that the ongoing impact of coronavirus remains uncertain, and it will adapt its plans as more information and advice is given.

The company commented: “LAP has managed relatively well during the lockdown and post-lockdown.

“We have not at the time of writing lost any tenants to insolvency and, as noted above, cash collection has proved resilient.

“We remain of the view that our portfolio is well positioned with limited exposure to fashion operators, mid-market leisure or any of the uses that remain under lockdown such as cinemas or nightclubs.

“Approximately 95 per cent of our tenants are now open and trading again.”