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Student Properties Assesses the Impact of the Suspension of Classes on its Business
23 March 2020 – Brainsre.news
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”.
Original Story: Brainsre.news
Translation/Summary: Carmel Drake