Premier African Minerals CEO says new strategy and new assets have completely transformed #PREM Watch Now

Less Ads, More Data, More Tools Register for FREE
Premier African Minerals CEO says new strategy and new assets have completely transformed #PREM
Premier African Minerals CEO says new strategy and new assets have completely transformed #PREMView Video

CLS Holdings Collects 90% Contractual Rent, In Line With Prior Year

Thu, 14th Jan 2021 11:25

(Alliance News) - CLS Holdings PLC on Thursday collected 90% of contractual rents due by close on Wednesday, or 93% when taking into account tenants switching to monthly rents from quarterly ones, compared to 91% the year prior.

The London-based commercial property investor said its rental income in the UK and France is due on a quarterly basis, with the current payment due between December 25 and January 1, whereas in Germany, rents are due monthly and the current payment was due on January 6.

CLS Holdings said for the fourth quarter of 2021, it had collected 99% of rents due compared to 97% in 2019, which is an increase of 9% since its update in October. For 2020 as a whole, it has received 99% of contractual rents due, which is up from 98% last year.

The company said it has made 23 deals securing GBP2.2 million of annual rent at 13% above estimated recovery value since October. This included a five-year lease extension to 2030 with the Institute for Hematopathology Hamburg in Fangdieckstrabe, Germany, which resulted in an increase of GBP100,000 contracted rent effective from last month.

The strong market and letting performance in Germany is forecast to positively influence the year-end valuation, CLS Holdings added.

"Our diverse tenant base with a strong underpinning of government and major corporations, as well as limited exposure to those sectors that have been most impacted by Covid-19, such as retail, hospitality and leisure, has again been reflected in strong rent collections. We continued to sign leases and extensions in the fourth quarter, which were on average above estimated recovery value, and our successful execution of financings with Aviva and Deutsche Pfandbriefbank, in particular, together with selected acquisitions, leave us well placed to deliver future growth when the economy returns to more normal conditions," said Chief Executive Fredrik Widlund.

Shares in CLS Holdings were up 3.1% at 220.08 pence in London on Thursday.

By Zoe Wickens; zoewickens@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Related Shares

More News

CLS Holdings Collects 90% Contractual Rent, In Line With Prior Year

CLS Holdings Collects 90% Contractual Rent, In Line With Prior Year

14 Jan 21 11:25

CLS Holdings Buys Office Building In Essen, Germany For EUR38 Million

CLS Holdings Buys Office Building In Essen, Germany For EUR38 Million

23 Dec 20 08:55

CLS to buy The Brix building in Germany for €38.2m

(Sharecast News) - CLS has exchanged contracts to buy "The Brix" office building at Kruppstrasse 16, in Essen, Germany for €38.2m.

23 Dec 20 07:35

UK EXECUTIVE CHANGE SUMMARY: CLS Holdings Founder Sten Mortstedt Dies

UK EXECUTIVE CHANGE SUMMARY: CLS Holdings Founder Sten Mortstedt Dies

15 Dec 20 15:11

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.