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Stenprop collects 80% of rent due since April
StockMarketWire.com
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Industrial property investor Stenprop said it had collected 80% of rent due for the December quarter.
For the full year so far, the company had collected 88% of rents due since April and agreed to defer a further 1% until a later date.
Like-for-like passing rent in the second quarter rose 2.5%. Occupancy levels at the multi-let industrial (MLI) portfolio rose to 93.3% as at 30 September, up from 92.0% at the end of June.
'The continued high demand for our product, which reflects the quality of our MLI portfolio and our asset management team, has enabled us to deliver a trading update today that is characterised by strong rental growth, high levels of rent collection and a further reduction in vacancy,' chief executive Paul Arenson said.
'Whilst we draw confidence from this performance over recent months, we are also aware of the threat from the pandemic and Brexit and the uncertainty this brings, particularly as we enter the winter months.'
'Our transition to a 100% MLI company by March 2022 remains on track, with our portfolio exceeding five million square feet for the first time during the quarter following several significant acquisitions.'
'We were also pleased to complete the first disposal of a German retail park which was achieved at a premium to book value and have the remaining German retail assets under offer.'
At 9:56am: (LON:STP) Stenprop Limited share price was +0.5p at 122.5p
Story provided by StockMarketWire.com
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