alternative Assets News: Spanish Real Estate Intelligence

Aena will Waive Rentals Following the Closure of Terminals at Spain’s Major Airports
Both the airport manager and Adif (the railway manager) will stop collecting rent from the stores that have been forced to close as a result of the state of emergency. Aena has notably reduced capacity and operations at its airports due to the sharp drop in airline activity as a result of the coronavirus crisis and the Government’s restrictions on mobility. The company will stop collecting rents from stores in its terminals and stations. “Aena will reorganise the capacity of its facilities to adapt them to current demand and whereby improve their management and efficiency,” announced José Luis Ábalos, Minister for Transport, during a press conference. Likewise, the airport manager will not collect rents from the establishments that have been affected by these closures. In the case of the Adolfo Suárez Madrid-Barajas airport, this will mean the progressive closure of terminals 1,2, 3 and T4 satellite, to concentrate all air traffic in the capital in T4 only. In Barcelona, ​​​Aena will close one of the runways at El Prat, along with Terminal 2.
Madrid Turns its Ice Rink into a Funeral Parlour Due to the Saturation of its Municipal Services
In collaboration with the Emergency Military Unit (UME), the Community of Madrid is converting the ice rink in the Palacio de Hielo shopping centre into a makeshift morgue due to the saturation of the crematoriums and following the mayoral decree to close the municipal funeral parlour. The concession company that operates the Palacio de Hielo has ceded its facilities to house the corpses of those killed by Covid-19 until the funeral homes are able to take care of them, municipal sources have reported. In collaboration with the Emergency Military Unit (UME), the Community of Madrid is going to convert the capital’s ice rink into a morgue due to the saturation of the crematoriums and the closure of the municipal funeral parlour, as decreed by the mayor José Luis Martínez-Almeida. The ice rink will house bodies until the system has been decongested and it will guarantee the supply of material for mortuary professionals, for example. Therefore, the Community of Madrid and the UME will be responsible for developing the operating procedure once the installation is ready. Madrid’s ice rink spans a surface area of 1,800 square metres and is operated by a company called Equidosa on a concession basis.
Student Properties Assesses the Impact of the Suspension of Classes on its Business
The Socimi acknowledges that the suspension of classes due to the coronavirus will have an impact on the operator's operating results and, as a result, on the future evolution of the company's income. The company has sent a statement to the CNMV in which it assures that, given the current events that are taking place as a consequence of COVID-19, it is “constantly monitoring” the evolution of the hall of residence that it owns in Madrid to assess which initiatives to implement and to address the situation. “The suspension of face-to-face teaching activity in the universities has caused a drastic reduction in the number of residents living in the centre, which it is currently operating at minimum occupancy levels,” say sources at the Socimi, who claim not to have any affected people in its facilities. Nevertheless, the company acknowledges that although it is still too early to determine its final scope, “this circumstance will have an impact on the operator’s operating results and, as a result, on the future evolution of the company’s income”.