8th Oct 2020 11:08
(Alliance News) - CLS Holdings PLC on Thursday said it has received almost all of rent due for the first three quarters of 2020 as it highlighted a reduction in vacancies across its portfolio.
The FTSE 250-listed commercial property investor stated it has collected 98% of rent due for the third quarter of 2020, adding that for the first three quarters of 2020, it has received 99% of due rent.
Turning to the fourth quarter, it noted that by Wednesday, it had received 89% of contractual rents due, or 92% when taking into account tenants who have switched to monthly rent payments. For comparison, 94% of rent had been collected by October 7, 2019 for the fourth quarter of 2019.
CLS highlighted that vacancy has decreased slightly from June 30 to 5.0%, with the reduction due to the completion of the sale of Albert-Einstein-Ring in Germany.
"The strength of our tenant base, underpinned by government and major corporations, is again reflected in our high rent collection. At the end of September, we were pleased to complete our first green loan together with Aviva. The loan recognises our sustainability progress and has a margin reduction incentive dependent on the delivery of specific sustainability targets," said Chief Executive Fredrik Widlund.
As at September 30, the company had cash of over GBP240 million and a loan to value of 35% based on the June 30 portfolio valuation, with a further GBP50 million in undrawn facilities.
Shares in CLS were trading 0.4% higher at 205.84 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
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