Germany-focused business park owner Sirius Real Estate says it is collecting the majority of its rent, with only a small minority of tenants late on payments.
As of the end of July, the company had collected €39.9m (R821.9m) in rent and service charges relating to the period April-June, unchanged from the same period in 2019, Sirius said in an update.
The cash collection rate relating to rent and service charges for the period April-June 2020 was 95.9% compared to 98.2% for the same period in the prior year.
The majority of the uncollected debt relates to 41 tenants with outstanding rent and service charges totalling €900,000 out of a total tenant base of about 5,000, the group said.
“Sirius’s business model is built on the breadth of our offering to occupiers and the adaptability of our mix of accommodation, ranging across many different workspace segments, including commercial storage, self-storage, out-of-town conventional and flexible offices, as well as manufacturing,” said CEO Andrew Coombs.
“In addition, the portfolio is well diversified in terms of both geography and tenant base,” Coombs said.
As of the end of March, the group had a portfolio worth €1.18bn.
In morning trade on Thursday, the share price of Sirius was unchanged at R16.63, having risen 3.94% so far in 2020. The JSE property index has fallen 42.36% over the same period.
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