Circle Property PLC keen to get tenants back in as coronavrius restrictions ease
Circle says its flexibility means it can provide Covid-19-friendly office environments
() said it is looking forward to welcoming tenants back as Coronavirus (COVID-19) restrictions in the UK are eased and demand recovers.
John Arnold, chief executive, said Circle’s business model of carefully selected regional offices had proved itself during the challenges of the pandemic.
“We are encouraged by signs of regional office demand returning, aided by our flexible investment model which allows us to provide Covid-19-friendly office environments,” he added.
The property group said there was a slight impact on the value of its portfolio due to the impact of the Coronavirus measures, but expects this to reverse as the economy opens up again.
An independent assessment at the end of March 2021 valued the estate at £132.2mln compared to £134.6mln six months previously at the end of September 2020.
NAV per share at end-March was £2.77 per share (30 September 2020: £2.83 per share), a drop of 2.9%.
Circle added that the average rent collection for the year just ended was 91.5% and stands at 73% currently for the quarter to June 2021.
A final dividend of 4p per share for the year ended 31 March 2021 will be announced with the full-year results, to make an annual payment of 6.5p per share.
At the year-end, the net loan to value ratio was 44% with £10.2mln of liquidity available.
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