Exposure to Poland softens blow for EPP
Pandemic has affected country less than many other European countries
JSE-listed EPP, the largest retail landlord in Poland, says its exposure to Eastern Europe’s largest economy has helped it weather the pandemic better than competing property groups.
The distributable earnings per share of the group, which owns assets worth €2.6bn (R51.7bn) including 25 malls, declined to €2.38c in the six months to June, a 59% fall from €5.80c, in line with guidance. This was as cinema operators, restaurants and other non-essential retailers could not trade during the hard lockdown.