December 2020 quarter rents showed 92% received; as of the 14 April trading update, 82% of the rents due end-March under the monthly payment plans had been received – a good initial profile. Hudson Quarter (HQ) sales are progressing well into a robust market, and the leisure assets have seen several new lettings. It is also encouraging to see ongoing small, non-core disposals at above book. In addition, cash and facility headroom are more than adequate, at £14.4m, and the company’s strategy and its execution remain attractive after the test of COVID-19. The largest segment is regional offices, and there is a positive upside opportunity here for 2021, we believe.
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