Tenant activity lifts as Covid-19 restrictions ease, Nepi Rockcastle says
Tenants occupying approximately 90% of the group’s gross lettable area are now operational
Nepi Rockcastle, which owns properties across Eastern and Central Europe, said on Wednesday tenants accounting for 90% of its gross lettable area (GLA) were now trading — a figure that is expected to increase further as June continues.
The group said that as a result of easing Covid-19 restrictions, it expected 94% of tenants by GLA to operate by the end of June.
Nepi operates in nine countries and had investment property valued at €6.3bn as of the end of December.
Average now footfall exceeds 70% of the levels recorded in the same period in 2019 in most of the group’s shopping centres, Nepi said in a trading update.
“The group’s top priority remains maintaining the health and safety of customers, tenants and staff, and all necessary measures for safe visits to the malls have been implemented,” the statement read.
In morning trade on Wednesday, Nepi's share price was up 1.76% to R87.80, having fallen 29.1% so far in 2020.
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