Rent collection in Aviva’s Irish commercial property funds, which are heavily invested in retail buildings, has been running at as low as 60 per cent as Covid-19 leads to a spike in delinquencies by tenants.
The funds have a combined value of €840 million and include assets such as the Blackrock Shopping Centre in south Co Dublin, the Royal Hibernian Way shopping arcade, and a host of buildings in the city centre, as well as the Globe Retail Park in Naas, Co Kildare.
Rent collection at Aviva’s Irish Property Fund for the second quarter stands at 60 per cent, while the figure for its Friends First Irish Commercial Property Fund is 67 per cent, according to a company spokeswoman. Rents are generally collected in advance at the start of a quarter.
“We continue to engage with those tenants who have been directly impacted by the Covid-19 outbreak and agree a