Palace Capital collects 70% of September rents on due date

13th Oct 2020 08:57

(Sharecast News) - Property investment firm Palace Capital said on Tuesday that 70% of all rents due on the September quarter date had been collected, an improvement on the equivalent stage in the previous two quarters.
Palace also highlighted that 94% and 90% of rents had now been collected for the March and June quarters, respectively.

On the back of those figures, the AIM-listed firm opted to recommend a minimum dividend payment of 2.5p per quarter, with the next payment set to take place on 16 October.

Palace made eight further apartment disposals at Hudson Quarter in York throughout the quarter, with 36 now sold at an aggregate value of £9.6m.

Disposals of Meadowcourt in Sheffield for £1.25m and Hyde Abbey House in Winchester for £1.46m came in at 30% and 16% above book value, respectively.

Chief executive Neil Sinclair said: "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."

As of 0855 BST, Palace shares were up 4.12% at 199.90p.