CLS Holdings receives 89% of due Q4 rents

(Sharecast News) - Commercial property investor CLS Holdings received 89% of contractual rents due for the fourth quarter of the year, a 5% year-on-year decline.
CLS said on Thursday that it had now collected 98% of rents due for the third quarter, an increase of 3% since publishing its interim results on 12 August.

Overall, for the first three quarters of 2020, the group added that it had received 99% of contractual rents due - up from the 98% brought in by 7 October 2019.

The FTSE 250-listed firm said as expected, vacancy had "decreased slightly" from 30 June to 5.0% due to the completion of its sale of Albert-Einstein-Ring in Germany.

CLS also said it its balance sheet remained "well-capitalised and robust", with cash of over £240.0m and a loan-to-value ratio of 55%.

Chief executive Fredrik Widlund said: "The strength of our tenant base, underpinned by government and major corporations, is again reflected in our high rent collection with 90% of fourth-quarter rent received to date and 99% for the first three quarters.

"Equally important are the benefits of our diversified country approach, focused on the UK, Germany and France, with economic and leasing activity recovering in line with the easing of lockdown measures."

As of 0900 BST, CLS shares were up 0.41% at 205.85p.