Schroder REIT has provided a trading update in which it has stated it has collected 84% of rent for the quarter so far.
The company, which owns a diverse portfolio of property assets in the UK, said the collection rate was ahead of the equivalent date in the previous quarter. The breakdown between sectors is 93% of office rent collected, 97% of industrial rent collected, 56% of retail and leisure rent collected, and 96% of ‘other’ rent collected.
The group has also concluded several new lettings, renewals and reviews in the last two months. The 16 new deals increase the group’s contracted rental income by £1.3m per annum.
The most prominent leasing activity was conducted at the group’s Bloomsbury office in London, which is let to the University of Law. A rent review has seen the annual rent at the 85,900 sq ft office, which Schroder REIT owns 50%, increase by 29% to £1.85m (company’s share) or £42.12 per sq ft (versus £1.43m or £32.66 per sq ft).
The company will receive £326,708 of back rent and, as part of the settlement, the tenant has received a three-month rent free period.
Schroder REIT has also completed a lease extension with the General Medical Council (GMC) at its office in The Tun, in Edinburgh. The lease has been extended from September 2021 to September 2026 and will increase from the current level of £55,000 per annum or £20.00 per sq ft, to £74,816 per annum or £27.50 per sq ft in September 2021.
SREI : Schroder REIT collects 84% of rent for quarter
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