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Circle Property touts improvement in rent collections
StockMarketWire.com
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Office real-estate investor and developer Circle Property said it had collected 75% of December-quarter recent, though the valuation of its portfolio had seen a 'marginal' decline owing to plans to refurbish two properties.
The September quarterly rent collection stood at 80% of rent due, while collections for the March and June 2020 quarters had improved since last reported and now stands at 93% and 89%, respectively.
The company's investment and development portfolio had been independently valued at £137.85 million as at 30 September 2020, down from £139.45 million.
'This marginal valuation decline is due to the earmarked strategic investment of approximately £1.6 million to refurbish two assets (K3 in Kents Hill, Milton Keynes and 135 Aztec West, Bristol), rather than negative market movement,' the company said.
Over the six-month period, net asset value per share had decreased by 1% reflecting an unaudited estimated NAV of £2.83 per share, from £2.85 per share seen at the end of March.
At 9:21am: (LON:CRC) Circle Property Plc share price was 0p at 162.5p
Story provided by StockMarketWire.com
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