Stenprop’s rent collections high despite virus

CAPE TOWN – Stenprop, the UK multi-let industrial (MLI) property company, said yesterday that it had received 81percent of rent invoiced for the quarter starting March 25, and the month starting April 1.

Many property groups in the UK and South Africa have been struggling to collect full rentals due to the dramatic fall-off in normal trading as businesses close through the Covid-19 pandemic.

Chief executive Paul Arenson said Stenprop was pleased with the progress made on rent collections.

“Our ability to be in direct communication with our customers has assisted significantly, and we expect to make further progress on these collection rates over time.”

He said the occupational market performed strongly in the first quarter due to an uptick in business confidence following the UK General Election in December.