May 2020

Ingka Centres announced that a further three of its Meeting Places have successfully re-opened, with malls in Italy and Spain joining those across Europe and China which had already opened their doors to visitors.

IMMOFINANZ started the first quarter of the 2020 financial year with strong operational performance: Rental income rose by 13.4% to EUR 74.0 million, above all due to the expansion of the portfolio through acquisitions and completions as well as growth of 1.9% in like-for-like rental income. The results of asset management increased by 18.1% to EUR 59.5 million, and the results of operations were 18.0% higher at EUR 43.5 million. However, the revaluation results of EUR -45.0 million from standing investments and goodwill reflect the adverse effects of the Covid-19 pandemic. Net profit for Q1 2020 was therefore negative at EUR -37.6 million.

Eurocommercial announces it has successfully reopened all of its centres in Italy, France and Belgium. The entire portfolio is now open again, as all centres in Sweden have remained open over the past months. Early footfall and sales data from the first few weeks since the end of the lockdown are encouraging.

Designer Outlets Wolfsburg has reopened, presenting interesting new openings with Sunglass Hut and Petrol Industries. Many other stores have also been refurbished and modernized.

Chapman Taylor was appointed by P&P Group to develop a new concept for the 22,000 m2 refurbishment and extension of the old “City Center” shopping centre. With the closure of the old shopping centre in 2017, the outdated 1980s building is now being completely modernised, to be reopened in 2021 as FLAIR Galerie.

Mohito – a brand belonging to LPP, a Polish clothing company – summarised the first stage of its charitable action of transferring 10% of the revenues from the Eco Aware collection to hospitals in Kraków.

He will remain in position until spring 2021 at the latest, while the Board conducts a search for his successor.

The extensive construction work on the 46,000 sq m Potsdamer Platz Arkaden has now begun and is expected to take two years. Brookfield Properties, the asset manager of Potsdamer Platz, and center operator ECE have added Mercato Metropolitano (MM), a pioneer of sustainable community markets from
London, as a new anchor tenant for an area of around 4,400 sq m. At Potsdamer Platz in Berlin, Mercato Metropolitano is opening its first location in Germany.

Klépierre reports that the vast majority of its shopping centers have reopened in Europe.

Or will we keep hiding behind our contracts? A discussion with landlords and tenants.

Consumers in Ukraine will have more options to enjoy better and safer shopping standards, following the opening of new food stores by the country’s major retailer, Fozzy Group, supported by the EBRD.

Vastned, the listed European retail property company focusing on ‘venues for premium shopping’, announces an update to the present strategy. The update will be revealed in February 2021 at the publication of the 2020 annual results.

Westbridge Advisory International AG has restructured the electricity and natural gas supply contracts for the Dutch shopping centre “Passage Corridor” in Veenendaal on behalf of an international real estate investor at the end of March 2020.

SES Spar European Shopping Centers, Austria’s market-leading shopping center operator, opened ALEJA Center in Ljubljana on Wednesday, 20 May 2020. The 150 million euros investment serves as a mixed-use shopping and leisure hot spot.

NREP taps Henrik Skak Bender as new COO and partner. The former Group CFO at WS Audiology joins NREP to strengthen the leadership team at a time where focus on culture, performance and people is key for realizing an ambitious 2025 growth plan.

Meyer Bergman is creating a €2 billion platform allowing institutional investors to tap into surging demand for last-mile distribution centres, with the launch of Crossbay.