Tag: State of Emergency

Business and Premises Spanning Less than 400 sqm Can Now Serve Customers with Appointments

From Monday, the first phase of the end of lockdown begins. Shops and service premises spanning less than 400 square metres may open by appointment, but large stores are excluded.

The extraordinary BOE published at the weekend lifts some of the prohibitions established during the State of Emergency. It came into effect on Monday 4 May and it represents the first phase of de-escalation. The new measures allow people to go to the shops and to service premises by appointment, pick up take-out food from bars and restaurants, train professional athletes and consult archives. All of these activities can be performed, although with limitations.

These measures will be applied throughout the country, although on the islands of Formentera, El Hierro, La Graciosa and La Gomera, which entered phase 1 last Monday, other activities will now also be allowed.

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.

International Funds Prepare for Massive Sales this Summer

Investors are already working to launch several portfolios onto the market. They want to activate proceedings as soon as the State of Emergency comes to an end in order to execute them this summer.

The large international funds have decided to accelerate their divestments in Spain, due to the impact on the economy of coronavirus. In this way, these investors have changed their sales policies, given that during the previous crisis, they made massive purchases of portfolios from banks, according to El Confidencial. Now, they have chosen to reduce their prices to close said divestments.

The funds are already working to launch several portfolios onto the market, a move they want to activate as soon as the State of Emergency ends. Their aim is to execute deals very quickly over the summer, in order to close the agreements before autumn, according to various sources involved.

The Bank of Spain Warns that the Economy will Contract by Between 6.6% and 13.6%

The Bank of Spain forecasts a decrease in the growth of the Spanish economy that is unprecedented in recent history, with a decline that has already reached 9%.

The Bank of Spain forecasts a decrease in the growth of the Spanish economy that is unprecedented in recent history, with a decline that has already reached 9%. In a document published on Monday, the body calculates that activity in Spain registered a quarterly decrease of 4.7% between January and March.

For the year as a whole, the Bank of Spain has established three scenarios. Two of them are based on the lockdown lasting eight weeks – at the moment, the Government has proposed a third extension, which is pending approval, until 9 May – and the third where the State of Emergency goes on for three months.

Pryconsa to Donate Some of its Income to Organisations Involved in the Covid-19 Crisis

Pryconsa is going to donate a portion of the income it receives from the sale of its homes during the State of Emergency to charities and charitable organisations that are helping healthcare workers to manage the coronavirus.

Through its foundation, Pryconsa is going to donate a portion of the income it receives from the sale of its homes during the State of Emergency to charities and charitable organisations that are helping healthcare workers to manage the coronavirus.

This campaign, called Señales Solidarias (Signs of Solidarity), is being applied by all of the companies in the group that are dedicated to the promotion and sale of homes, specifically: Pryconsa, Isla Canela, Prygesa, Progemisa and Cogein.