Sirius Real Estate said it has collected 97.7% of cash rent and service charges billed in the first nine months of the current financial year (1 April 2020 to 31 December 2020) from its German business parks despite the Covid-19 crisis.
In the whole of the 2020 calendar year, Sirius Real Estate recorded a cash collection rate of 98.0% and has written off just €205,000 out of total rent and service charge invoicing of €141.2 million.
As at 31 December 2020, from a tenant base of over 5,000 tenants, the group had entered into 16 deferred payment plans with 43 tenants adversely impacted by the pandemic amounting to €0.4 million.
”Sirius invoices its tenants monthly in advance. Cash collection rates for the month of January 2021 are in line with previous months with 94.3% of rent and service charges billed received, compared to 95.0% for the same month in 2020 and in line with previous months,” said the company in a statement.
“Since the outset of the pandemic, we have allocated increased platform resources and focus towards supporting our occupiers through the challenges they have faced. This active engagement has served us well, enabling us to demonstrate the additional value we can provide to our customers, while also ensuring that we have been able to maintain good cash collection levels in the region of 98%. Our enquiries, sales and cash collection performance, as well as the robust commitment of the German government to supporting business throughout 2021, give us confidence in our ability to continue to trade well through the Covid-19 environment. With total cash balances in excess of €70.0 million the Company has the capacity to continue to make acquisitions as opportunities arise,” said Andrew Coombs, Chief Executive Officer of Sirius Real Estate.