CLS Holdings, which owns offices in the UK, France and Germany, has received 90% of rent for the first quarter of 2021.
This compares with a rent collection in the same period last year (before the impact of COVID-19 was felt) of 91%. The group said the collection rate increases to 93% when taking into account tenants that have switched to paying rent monthly.
Update on 2020 rent collections
For the fourth quarter of 2020, CLS has now collected 99% of rents due (2019: 97%) and overall, for the entire year of 2020, it has received 99% of contractual rents due (2019: 98%).
Portfolio update
Since its last update on 8 October 2020, CLS has completed 23 leasing deals securing £2.2m of annual rent at 13% above estimated rental value (ERV). Letting performance has been particularly strong in Germany, which the group said it expects to positively influence the year-end valuation.
Vacancy across the portfolio has increased, mainly due to completed refurbishments, now available to let, and lease expiries across the portfolio, both of which, it said, had been harder to let due to the restrictions resulting from the responses to COVID-19. Group vacancy is now 5.3%, up from 5.0% at 30 September 2020.
Balance sheet
As at 31 December 2020, CLS had cash of around £235m and a loan to value ratio of 35% based on the 30 September 2020 portfolio valuation. It has a further £50m in undrawn facilities.
CLI : CLS collects 90% of rent