21st Apr 2020 09:23
(Alliance News) - Property firm Stenprop Ltd on Tuesday said it still is receiving letting enquiries at its UK portfolio, despite the virus pandemic-induced market turmoil.
UK-focused Stenprop, which has retail, industrial and office assets, said that as of April 15, it had received 73% of rent due for the quarter commencing March 25 and the month beginning April 1.
"We are engaging actively with our tenants on an individual basis, particularly those who are experiencing cash flow difficulties as a result of the lockdown measures across Europe," Stenprop said.
Companies which do not offer essential services, such as many retailers, have been forced to close as governments bid to contain the spread of the deadly virus.
Stenprop said: "Despite the current difficulties, we continue to receive letting enquiries for our UK multi-let industrial portfolio through our online digital marketing platform, albeit at a much reduced level. However, the enquiries we do receive are typically focused and urgent requirements with a higher rate of conversion into lettings.
"Since all Stenprop staff moved to working from home on March 16, we have completed 16 new UK MLI leases, aggregating to GBP474,000 per annum of new headline rent over 112,500 square feet of space, a number of which have been executed entirely digitally through our existing online leasing process."
The company said that it has not made any redundancies or furloughed any staff.
Stenprop added: "While the duration of the crisis remains uncertain, its financial impact upon the business remains difficult to predict. However, Stenprop remains a financially sound business with a capital structure and operating platform which is well placed to deal with a prolonged period of uncertainty and ultimately address, resolve and move on from the current challenges when the time comes."
Shares in the company were 0.5% lower at 98.48 pence each in London on Tuesday morning. They were untraded in Johannesburg, last quoted at ZAR22.75.
By Eric Cunha; [email protected]
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