CLS rent collection at 90% in Q1; flags uptick in vacancy rates on pandemic impact

Thu, 14th Jan 2021

Real Estate company CLS said it had collected about 90% of first-quarter rent, though flagged an increase in vacancy rates to 5.3% from 5% since its previous update in October. The increase in vacancy rates was due to 'completed refurbishments, now available to let, and some recent lease expiries across the portfolio, both of which have been harder to let due to the restrictions resulting from the responses to Covid-19,' the company said. About 93% of rent had been collected for the first quarter, taking into account those tenants, who had switched to monthly rents, the company said. For the fourth quarter of 2020, 99% of rents due had been collected, an increase of 9% since its 8 October 2020 trading update. In the UK, the company received planning consent for a new 10-storey office adjacent to its head office in December 2020. Listed building consent and planning permission had also been granted for a major refurbishment of 9 Prescot Street in the City of London in December 2020, it added. At 8:11am: (LON:CLI) Cls Holdings PLC share price was 0p at 217p Story provided by StockMarketWire.com

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