The manager said the group's 97 assets are predominantly leased to the UK government's Secretary of State for Housing, Communities and Local Government, with the Department for Work and Pensions as the primary occupier. Meanwhile, 82.5 per cent of the assets in the Reit's initial portfolio is used by the DWP to provide key front-of-house services, primarily Jobcentre Plus unemployment services.
While the public is discouraged from visiting the Jobcentre Plus after the UK government announced a lockdown in March 2020 to curb the spread of the novel coronavirus, the premises remain open to process and disburse benefits to claimants. The manager said the group expects to provide a stable income to investors as over 99 per cent of its rental income is derived from full repairing and insuring leases from the UK government. Moreover, the Covid-19 situation does not trigger force majeure or termination clauses of the group's leases with the government.BT is now on Telegram!
Source: News Formal (newsformal.com)
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