UK property owners are finding some respite despite uncertainty around Brexit and the restructuring of the region’s retail environment. JSE-listed companies such as Intu Properties, Hammerson, Capital & Regional and RDI, which own shopping centres in British cities, have managed to renegotiate leases at higher rentals and in some cases use special agreements known as company voluntary agreements, which have helped to save some of their tenants from closing stores and retrenching staff. Company voluntary agreements are signed between landlords and tenants to avoid companies being liquidated. Landlords are offered more than if the tenant were to enter a terminal insolvency process. Often in terms of these agreements a tenant would pay rent for certain stores and the landlord would receive at least some rent, which was better than not receiving any money at all. There has also been consolidation among some UK retailers and those companies that have left the market and have quickly been...

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