(Alliance News) - Capital & Regional PLC on Thursday said its rent collection rate has improved quarter-on-quarter and noted its shopping centre portfolio has benefitted from its in-town locations.
Shares in the company shot up 27% to 46.70 pence each in London on Thursday afternoon. In Johannesburg, the stock surged 25% to ZAR10.00.
The London-based retail and leisure-focused real estate investment trust said its assets have been boosted by more home working, a far cry from investors who have more centrally-focused assets and have in turn been hit as workers ditch offices amid Covid-19 concerns.
"The in-town location of our centres, together with our focused strategy of serving the essential needs of our local communities, means they are benefitting from the increased number of people working from home and are performing well on a relative basis, with 98% of stores now trading and September footfall outperforming the national index by 11%," Chief Executive Laurence Hutchings said.
Capital & Regional said that it has received or imminently expects to receive 51% of rent due September 29, an improvement from less than 40% at the equivalent point of the previous quarter.
"This means we have collected approximately 56% of all rents that have fallen due from the 25 March 2020 to the date of this announcement, including rents payable on both a quarterly and monthly basis," the company added.
By Eric Cunha; ericcunha@alliancenews.com
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Capital & Regional (CAL)