Tomás Olivo Increases his Stake in Unicaja to 4.55%

The shopping centre developer, Tomás Olivo, has strengthened his position in Unicaja after buying 24 million new shares in the financial entity.

The Murcian property developer Tomás Olivo, owner of the largest Socimi on the MAB, General de Galerías Comerciales (GGC), has increased his stake in the share capital of Unicaja after buying 24 million new shares in the entity, according to the records of the National Securities Market Commission (CNMV).

In May, Olivo entered the share capital of Unicaja by acquiring a 3.064% stake. Now, the businessman, who owns nine large shopping centres in Spain, has strengthened his position in the entity to control 4.55% of its shares.

Sales at Shopping Centres Fell by More than 61% in March

The businesses most affected by Covid-19 in the shopping centres managed by CBRE were fashion retailers, whose sales plummeted by 70.6%; and leisure and sports retailers. Meanwhile, food sales fell by 9.3% in March.

After six consecutive years of growth, the declaration of the State of Emergency resulted in a change in trend for the revenues of shopping centres in Spain.

In this way, during the first quarter of 2020, retail sales in shopping centres fell by 15.1% in inter-annual terms and, specifically, in March – the State of Emergency came into effect on 14 March – they decreased by 61.6% compared to the same month in 2019, according to data from the real estate consultancy CBRE.

Footfall in Shopping Centres Plummeted by 93% in March and April

This collapse in footfall has caused more than 30% of shopping centre tenants to ask for their rental payments in March and April to be waived, according to MGVM.

The company MGVM has published a study about the impact of Covid-19 on the real estate management sector. It reveals that the footfall of people in shopping centres decreased by 93% in March and April of this year compared to the same period in 2019.

Activity in shopping centres has been all but suspended and is down by 95%, on average. Only those stores offering basic products and services are allowed to open. The report reveals that some premises are taking advantage of the lockdown to carry out work inside, such as deep-cleaning and stock counts; meanwhile, others are processing online orders, and so the premises have become their focal point for preparing and distributing shipments.

Lar España Launches a Plan to Reduce Costs in its Shopping Centres

The Socimi has explained that its specific plan to minimise expenses at its shopping centres has reduced the amount by 35%.

The Socimi has explained that its specific plan to minimise expenses at its shopping centres, following the situation caused by the pandemic crisis, has reduced the amount by 35%.

In a statement sent to the National Securities Market Commission (CNMV), Lar España has explained that it has applied the principle of austerity to its ongoing activities and has adapted its expenses to the new situation.

Shopping Centres Ask the Government to Open from 11 May

The AECC considers that this decision will have a serious impact on the recovery and employment in the sector, which creates 740,000 direct jobs.

The Spanish Association of Shopping Centres and Retail Parks (AECC) has asked the Government to include the opening of these commercial assets in the first phase of the de-escalation plan.

According to the plan announced on Monday by the Prime Minister Pedro Sánchez, during Phase 2, shopping centres and retail parks will be able to reopen to the public those areas that have been closed during the State of Emergency. However, restrictions will remain in place in the common areas and recreational spaces. During Phase 3, those restrictions will also be lifted, however, restaurants, cafes and bars may operate only at a maximum capacity of 50%, to ensure physical separation between customers.

Tenants Request a 50% Discount in their Rents After the Reopening of Shopping Centres

Small and medium-sized operators are asking shopping centre owners to share the impact of coronavirus through a 50% reduction in their rents until the first quarter of 2021.

More than six weeks after the State of Emergency was decreed in Spain, activity in shopping centres is still practically at a minimum, following an unprecedented decrease in footfall and sales.

To alleviate this situation, most of the owners of these establishments have agreed with their tenants to postpone rental payments for the duration of the lockdown period. They are relying on the Royal Decree that the Government approved to apply a moratorium on the rental payment for those businesses affected by the Covid-19 crisis. Such is the case of the large owners of shopping centres in the country such as Merlin Properties and Temprano Capital. Meanwhile, Castellana Properties has chosen to waive the rent for April.

When Will Hotels and Shopping Centres Open Again?

The Government has designed a plan to return to the “new normal” in four phases, which will run until the end of June and which will vary by region.

Silicius Hires Mayte Forján as the Asset Manager for its Shopping Centres

Mayte Forján has more than 25 years of experience in the management and administration of shopping centres in companies such as Merlin Properties, Unibail Rodamco and CBRE.

The Socimi Silicius, which specialises in the management of rental properties, has recruited Mayte Forján as the property manager (Asset Manager) for the shopping centres that it has under its administration. Its portfolio includes the Bahía Plaza in Los Barrios (Cádiz), the Thader in Murcia and La Fira in Reus (Tarragona).

Mayte Forján has more than 25 years of experience in the management and administration of shopping centres. She has worked for several leading companies in the sector, including Merlin Properties, Unibail Rodamco, CBRE and Cushman & Wakefield, amongst others.

Temprano Capital Waives the Rent for the Tenants of its Shopping Centres

The company has decided to waive 100% of the rental payments corresponding to April for the premises of its shopping centres closed due to the coronavirus crisis.

The company has decided to waive 100% of the rental payments corresponding to the month of April for the establishments in its shopping centres that have been closed as a consequence of the coronavirus crisis.

The company has applied this measure to all of the shopping centres that it currently has in its portfolio, namely: La Farga in L´Hospitalet de Llobregat (Barcelona), MYO in Gandía (Valencia), Quadernillos in Alcalá de Henares (Madrid) and Plaza Imperial in Zaragoza.

The Large Commercial Projects Scheduled for 2020 Postpone their Debuts

The Open Sky shopping centre in Torrejón de Ardoz, Galería Canalejas in Madrid, and Ànec Blau and La Torre Outlet in Zaragoza are just some of the projects that are going to delay their openings.

13 new shopping centres were scheduled to open in Spain during 2020, spanning a gross leasable area (GLA) of 333,670 square metres. Moreover, many other shopping and leisure complexes were due to reopen and/or be expanded this year, but those plans have now been detained by the Covid-19 crisis.

“The project forecasts that we manage at the Spanish Association of Shopping Centres (AECC) span two years. Specifically, we had calculated that new space with a GLA of 726,450 square metres and expansions with a GLA of 94,629 square metres were due to open,” explains Eduardo Ceballos, President of the AECC, speaking to Brainsre.news.