Property companies brace for mall closures in Europe

United States News News

Property companies brace for mall closures in Europe
United States Latest News,United States Headlines
  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 70 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 63%

Covid-19 pandemic is expected to take a toll on JSE-listed property companies with investments in Europe

The different levels of a Debenhams department store are seen at Intu Properties' Watford shopping centre in the UK. Picture: REUTERS/PETER NICHOLLS

These decisions could affect a number of SA property companies’ investments. SA property companies and income-paying real estate investment trusts have spent the past decade investing mostly in Central and Eastern Europe in search of better returns. As much as 45% of SA’s listed property sector by value is located outside SA.

On March 14, the Polish government ordered shopping centres and retailers to close for at least 10 days, though grocery stores and pharmacies remained open. There have been forced mall closures in Bulgaria. Lighthouse Capital, which owns one mall in Portugal and another in Slovenia, said it had also been affected by the virus. “The Slovenian government issued a decree closing all non-essential stores in Slovenia, where one of the shopping centres owned by Lighthouse, Planet Koper, is located. At this stage, no indication has been given as to when the decree will be retracted,” it said.

Vukile Property Fund said it was waiting for an announcement from the Spanish government on Tuesday regarding financial support for companies and businesses hit by the virus. Vukile’s 82%-held Spanish subsidiary, Castellana Properties, operates six shopping centres and 10 retail parks across Spain. Shopping centres being partly shut and other measures could be put in place in SA soon, the head of listed property funds at Stanlib, Keillen Ndlvou, said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

BDliveSA /  🏆 12. in ZA

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Medical experts call for SA to suspend flights from Europe as Covid-19 cases growMedical experts call for SA to suspend flights from Europe as Covid-19 cases grow Calls for South Africa to suspend travel to and from Europe are growing by the day as confirmed cases of Covid-19 escalate in the country.
Read more »

Trump tests negative for virus as US expands Europe traveller banPresident Donald Trump has tested negative for the novel coronavirus, his physician said Saturday, following concerns over his exposure to a disease that has paralyzed the globe.
Read more »

Trump tests negative for virus as US expands Europe traveller banPresident Donald Trump has tested negative for the novel coronavirus, his physician said Saturday, following concerns over his exposure to a disease that has paralyzed the globe.
Read more »

Trump tests negative for virus as US expands Europe traveler banPresident Donald Trump has tested negative for the novel coronavirus, his physician said Saturday, following concerns over his exposure to a disease that has paralyzed the globe.
Read more »

Trump tests negative for virus as US expands Europe travel banTrump tests negative for virus as US expands Europe travel banTrump agreed to the test after coming in contact with several members of a Brazilian presidential delegation visiting his Florida resort who have since tested positive for the virus.
Read more »

THE LEX COLUMN: Airlines will need oxygen masks to survive Covid-19US ban on travel from Europe will squeeze revenues further
Read more »



Render Time: 2025-03-16 21:01:16