The General Shareholders' Meeting held on 17 March approved the payment of €55 million. On 16 April, the Socimi Lar Spain will proceed to pay a dividend amounting to €55 million, equivalent to €0.6276 gross per share, against its results for 2019. The distribution of this dividend was approved at the company’s most recent General Shareholders’ Meeting, which was held on 17 March. The company, which specialises in shopping centres says that it has a strong balance sheet, which allows it to face the challenges presented by the Covid-19 crisis in the best conditions. “The Socimi’s gearing is low, with debt representing just 34% of its asset value. Moreover, its debt has limited maturities until 2022, an average cost of 2.1%, almost 90% is fixed-rate, and the firm’s cash position shows significant strength ”, specify sources at the company.
José María Losantos, founder of Neinver, the pioneering promoter of outlet shopping centres, has died at the age of 84 from respiratory complications. The executive, who was born in 1936, teamed up with his brother to create Neinver, a pioneering real estate company that has formed alliances with several large international funds. It was also the first firm to introduce the concept of discounted shopping centres (outlets) to Spain. For this, Losantos patented a registered trademark, which has yielded plenty of income over the years. In addition, he promoted several office complexes and buildings with the company. Fernando Martín, hospitalised The coronavirus pandemic has also affected another stalwart of the sector. The businessman from Valladolid, Fernando Martín, President and largest shareholder of the real estate company Martinsa Fadesa, until its liquidation. The 72-year old has been admitted to the Intensive Care Unit (ICU) of the Puerta de Hierro Hospital in Madrid suffering from coronavirus.
The large property developers, shopping centre owners, rental home Socimis and real estate agents are all taking steps to alleviate the effects of the crisis. The crisis resulting from the Covid-19 pandemic has led the Spanish real estate sector into an unheard-of scenario, which is raising many questions for professionals and consumers alike. For this reason, large companies have taken measures to reduce the impact on their respective accounts and to try to continue generating business at a very unusual time. From large property developers to residential and retail landlords, to real estate agents. All of them have launched different solutions to combat the coronavirus crisis during the first week of the state of emergency. Several property developers have deferred the next two monthly collections from their clients; shopping centre owners are considering waiving the rental payments of some of their tenants; some of the large residential landlords have established moratoriums on their rental collections; and a couple of estate agents have launched platforms to enable virtual property viewings.
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