26th Mar 2020 08:35
(Alliance News) - Stenprop Ltd said Thursday that in the midst of the Covid-19 pandemic, its main focus will be on the management of its cash resources and maintaining liquidity in the business.
The London and Johannesburg-listed property firm said it has GBP60 million in unrestricted cash reserves, while total debt stands at GBP219.9 million.
As at the end of September, Stenprop's overall loan-to-value ratio stands at 40.7% based on the most recent valuations, and adjusted for subsequent acquisitions and disposals.
Around 57% of Stenprop's portfolio comprises 70 multi-let industrial estates in the UK with 850 tenants. The company said it was too early to say what the impact of Covid-19 will be for those occupiers.
However, within its portfolio, a rehabilitation medical facility and health club business in Lugano, Switzerland has been required to close by order of the local government.
"Stenprop remains a financially-sound business with a capital structure which is well placed to cope with a prolonged period of uncertainty," the company stated.
Shares in Stenprop remained flat at ZAR19.30 on Thursday in Johannesburg, while its London shares remained untraded at 93.0p.
By Dayo Laniyan; [email protected]
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