Wynnstay Properties portfolio valuation slips in Q1

Property investment firm Wynnstay Properties said on Wednesday that the value of its properties had slipped in the first quarter as a result of the "material valuation uncertainty" caused bt the Covid-19 pandemic.

Wynnstay posted a total aggregate fair value of £34.26m for its freehold properties - a reduction of 3.4% year-on-year.

However, the AIM-listed group did note that all rental income for the year ended 25 March had been received and that 70% of total first-quarter rents had already come in.

In light of the pandemic, Wynnstay said it was both in shareholders' interests and vital for UK economic recovery that the group support tenants as far as it "reasonably can".

Wynnstay said it had already received some requests from tenants for rent holidays or longer-term rent deferrals and that these requests were being considered on a case-by-case basis.

"Wynnstay is a small investment company to whom cash flow is as important as it is to our tenants and the UK Government's measures are directed in the main to trading, rather than investment, businesses. For our part, we are maintaining our regular payments to our suppliers, many of whom are also small businesses, to ensure that their cash flow is supported in the challenging conditions that we all face," said the group.

The company concluded by saying that it was "far too early" to assess the impact of the outbreak and the UK Government's measures on the company.

As of 0955 BST, Wynnstay shares were up 5% at 299.25p.