Business
Update on trading and rent collection
Update on trading and rent collection.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8485B\n Palace Capital PLC\n 13 October 2020\n \n \n \n \n 13 October 2020\n \n \n PALACE CAPITAL PLC\n \n \n (\"Palace Capital\" or the Company)\n \n \n Update on trading and rent collection\n \n \n Palace Capital ( LSE: PCA) the Main Market listed property investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, provides the following update ahead of its interim results for the period ended 30 September 2020, which are expected to be announced on Tuesday 17 November 2020.\n \n \n Highlights:\n \n \n · \n 94% and 90% of rents collected for the March and June quarters, respectively.\n \n \n · \n 70% of all rents due on the September quarter date collected, a higher percentage than at the equivalent stage in the previous two quarters with November and December monthly payments to come.\n \n \n · \n Cash reserves as at 30 September 2020 were £14.3 million with a further £5.0 million available from the revolving credit facility.\n \n \n · \n Eight further apartments sold since the year end at Hudson Quarter, York, with 36 now sold at an aggregate value of £9.6 million.\n \n \n · \n Concessions granted at Sol Northampton with Accor Hotels in return for a five-year lease extension until 2032 and with Gravity Fitness in return for removal of the break clause, securing lease to 2034. \n \n \n · \n Disposals of Meadowcourt, S\n heffield for £1.25 million, 30% above book value, and Hyde Abbey House, Winchester sold post half year end for £1.46 million, 16% above book value.\n \n \n · \n Minimum dividend payments of 2.5p per quarter recommenced, with next payment due on 16 October 2020.\n \n \n \n \n \n Neil Sinclair, Chief Executive of Palace Capital commented:\n \n \n \"Our financial year commenced only one week after the UK went into a national lockdown. From that point we have been actively engaging in meaningful dialogues with all of our tenants and the success of this strategy, together with the quality of our occupier base, is reflected in our rental collection levels. Our team is composed of experts in active asset management and they have excelled over the last few months in very difficult circumstances.\"\n \n \n Hudson Quarter, York:\n \n \n As previously indicated, the lockdown and materials supply proble...