Circle Property has announced a rise in portfolio valuation and NAV but has delayed publication of its full-year results and postponed its dividend as the coronavirus crisis continues.
The regional investor said its portfolio was valued at £139.5m at the end of March, up from £124.6m a year earlier, and NAV has risen by 4.7% to £2.90 per share.
The portfolio is almost entirely focused on office space, with the only retail exposure being two pubs and a restaurant in Birmingham.
Circle has collected 70% of the rent due from tenants, with a further 9% expected by the end of April. The company said it is in “constructive dialogue” with tenants regarding the remainder, “balancing the need for genuine assistance against short term-term opportunism”.
The company has drawn down on £61.3m of a £65m credit line with RBS and HSBC, which can be extended by a further £35m.
Circle’s full-year results will now be published in late September, “by which time the board anticipates the extent of the impact of Covid-19 should be clearer”. The company has also postponed its dividend.
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