The Cordatus Property Trust has re-instigated income distributions for the period ending 30 June 2020, having collected c87% of the March to June quarter’s rent.
It is also anticipated that overall rent collection for Q3, 2020 is likely to be around the 91% level.
Mike Channing, Fund Manager for CPT commented:
“These numbers are better than we were expecting at the start of the COVID-19 lockdown and I think vindicates our approach from the outset, which has been very much one of seeking to work with our tenants, to understand the specific issues they are facing and if necessary to agree rent payment plans that enable them to manage cash flow through these challenging times. I am pleased to report that the overwhelming approach from the vast majority of our tenants is one of wishing to meet their lease commitments.
What I have found most disappointing however is that some rent is still due from well-known tenants, some of whom have even been open throughout lockdown and who can well afford to pay their rent but have chosen not to. Nor do they deem it appropriate to communicate with us, despite our best efforts to make contact with them”.
Cordatus Property Trust was launched in December 2015 and has a smaller lot sized (£3m to £17.5m) income focus from across all the commercial real estate sectors. As at June 2020, the Trust comprises 51 properties and over 170 tenants, with its portfolio valued at over £160m.