Arrowhead rental collection steadily improves

Landlord also experiences fewer deeds office delays as it continues disposal programme

Image: 123RF/ LUBOSLAV IVANKO

A trend of improved rental collections has continued into September, while delays at various deeds offices have been reducing, helping its disposal programme, property group Arrowhead says.

Rental collections, excluding relief, climbed to 90.1% in August, from 73.4% in May, the group said in a trading update.

From end-August, rental relief provided amounted to R73.5m, comprising rental discounts of about R63m and deferrals of about R10.5m.

The group owned a portfolio of offices, retail centres and industrial sites worth about R10.5bn at end-March. At the time group loans amounted to R6.3bn.

The group has been pursuing a disposal programme to reduce debt and reposition its portfolio, saying on Monday sales have exceeded expectations, while deeds office delays have started to reduce.

If all agreed transactions proceed, total sales will increase to more than R1.7bn, the trading update reads.


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