Business
Covid-19 Business Update
Covid-19 Business Update.
About this update from Phoenix Spree Deutschland Ltd
[{"type":"text","content":"\n \n \n RNS Number : 3169M\n Phoenix Spree Deutschland Limited\n 11 May 2020\n \n \n \n \n 11 May 2020\n \n \n Phoenix Spree Deutschland Limited\n \n \n (\"PSD\" or the \"Company\")\n \n COVID-19 Business Update\n \n Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed investment company specialising in German residential real estate, announces an update on the impact of COVID-19 on business operations.\n \n \n \n \n \n Supporting our stakeholders\n \n \n \n \n \n The Company's overriding priority is the health and wellbeing of its tenants, work colleagues and wider stakeholders throughout this period of unprecedented disruption. On 20 April 2020 the German government announced plans to begin to lift restrictions imposed on business and public life caused by the COVID-19 pandemic, becoming one of the first major European nations to commence the task of reopening.\n \n \n \n \n \n Where necessary, the Company continues to support its tenants, both residential and commercial, through agreeing, on a case-by-case basis, the payment of monthly rents or deferring rental payments.\n \n \n Limited impact on rent collection\n \n \n To date, the impact on rent collection has been limited. In the month to 30 April 2020, 98% of rent due had been collected in total compared to 99% in January 2020. \n \n \n Residential rent collection has remained particularly resilient, with over 99% of rent collected during the month of April. Germany's Hartz IV welfare programme includes help for rental payments in instances of financial hardship and is available to tenants impacted by the COVID-19 outbreak.\n \n \n Commercial rents represent a small proportion of total rents, accounting for only 10% of rental income as of 30 April 2020. The COVID-19 restrictions involved the temporary closure of many commercial businesses, including a number of our commercial tenants. Following the latest German COVID-19 guidance on easing restrictions, many businesses are now in the process of reopening. During the month of April 2020, 89% of commercial rents have been collected, compared with 96% in January 2020.\n \n \n The Company will continue to work sensitively, and on a case-by-case basis, with its tenants in arrears to agree appropriate and workable repayment schedules. \n \n \n Successful refinancing on attractive terms, stron...