Regional office investor Circle Property has collected 80% of rent due, including monthly payments, for the final quarter of 2020.
The firm’s rent collection for its March and June quarters now stands at 93% and 89% respectively.
In a trading update, Circle Property added the value of its portfolio was down slightly from £39.45m at the end of March to £137.85m at the end of September.
This was attributed to a planned £1.6m investment to refurbish two assets in Milton Keynes and Bristol rather than any negative market movement.
Net asset value per share decreased by 1% over the same period to £2.83.
Circle Property also reported that it had drawn down £62.3m from its £65m senior revolving facility and at the end of September had £4.5m cash on balance. The firm’s LTV was 43.77%.
John Arnold, chief executive of Circle Property, said: “We have continued to work closely with our tenants and this has resulted in strong levels of rent collection.”
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