Commercial property firm CLS Holdings said on Thursday that it had collected 95% of second-quarter rents, when taking into account tenants switching to monthly payments, up from 93% a year earlier.
For the first quarter, CLS has now collected 98% of rents due for the period, down from 99% a year ago but still an 8% since increase on the figure the group had brought in at the time of its trading update on 14 January.
The FTSE 250-listed firm completed one acquisition in the UK and five over in Germany during the quarter, while the group also exchanged contracts on the sales of Falcon House, Hounslow for £6.1m, Frohbösestraße, Hamburg for £4.1m and Gennevilliers, Paris for £6.0m at sales prices 21.8%, 5.3% and 6.3% above their 31 December valuations, respectively.
CLS highlighted that its balance sheet remained “well-capitalised and robust”, with cash of over £185.0m with a further £50.0m in undrawn facilities.
In terms of vacancy and lettings, CLS stated vacancy had increased from 5.1% to 6.2% since the start of the 2021 calendar due to the ongoing limitations of Covid-19 restrictions.
As of 0900 BST, CLS shares were up 0.86% at 233.50p.
