Printer Friendly

Citycon updates on details of May 2020 rent collection amid COVID-19 pandemic.

NORDIC BUSINESS REPORT-June 26, 2020-Citycon updates on details of May 2020 rent collection amid COVID-19 pandemic

(C)2020 M2 COMMUNICATIONS http://www.m2.com

Citycon Oyj (HEL:CTY1S), an owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, reported on Thursday that in the extraordinary circumstances followed by the outbreak of the COVID-19 pandemic, rent collection for May 2020 remained stable and Citycon has collected and/or accrued as government assistance guarantees of approximately 78% of its billed rent for the month of May.

Reportedly, Citycon has collected approximately 73% in cash from its tenants and has accrued approximately 5% of its billed rent, which has been deferred until the tenants are able to collect the amounts from the government subsidy programmes to offset their fixed costs.

The company added that footfall has continued to improve and the total

footfall for week 25 was tracking at 86%, as compared to 2019. Also, average spend per visitor continues above prior year level and was 29% higher in May 2020 compared to May 2019.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2020 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2020 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Nordic Business Report
Date:Jun 26, 2020
Words:187
Previous Article:ITAB renegotiates terms of credit facilities and intends to enter into short-term shareholders' loans to manage COVID-19 pandemic impact on business.
Next Article:AAK accelerates optimisation in line with strategic direction to cope with COVID-19 pandemic effects.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters