Update concerning the impact of the Covid-19 on Klépierre’s activities in Europe
17 Mars 2020 - 8:10AM
Update concerning the impact of the Covid-19 on Klépierre’s
activities in Europe
PRESS RELEASE
UPDATE CONCERNING THE IMPACT OF THE COVID-19 ON
KLÉPIERRE'S ACTIVITIES IN EUROPE
Paris, March 17, 2020
In a press release dated March 12, 2020,
Klépierre provided an initial update concerning the impact of the
Covid-19 on its activities in Italy. This has since expanded to
several Continental European countries, leading their governments
to take further health measures that impact the whole Group’s
activities.
As of today, France, Italy, Spain, Germany,
Poland and the Czech Republic have ordered the closure, for some
weeks, of all shops except those selling bare necessities,
including grocery and small food stores, and pharmacies. Other
countries, including Portugal, Norway and Denmark, have decided to
place restrictions on the opening hours of certain stores.
At this stage, it is too early to assess the
impact of these measures on the contractual obligations of the
Group’s tenants. Klépierre has active discussions with them
regarding the challenges presented by Covid-19 and has already
initiated stringent cost cuts in order to pass on service charge
savings to them. In addition, the Group is actively reducing
non-essential capital expenditures and non-staff operating
expenses.
Despite this challenging environment and the
current difficulty in estimating the impact on Klépierre’s
full-year earnings, the Group reaffirms it has a solid balance
sheet and sufficient committed revolving credit facilities to cover
its liquidity needs.
Klépierre will continue to monitor the state of
affairs and provides updates as the situation warrants.
Investor relations contacts |
media contacts |
Hubert
d’Aillières, Group Head of IR and financial communication +33
(0)1 40 67 51 37 — hubert.daillieres@klepierre.comMengxing
Zhang, IR Officer +33 (0)1 40 67 53 05 —
mengxing.zhang@klepierre.com Paul Logerot, IR Officer +33 (0)1
40 67 53 02 — paul.logerot@klepierre.com |
Hélène Salmon,
Group Head of Corporate & Internal Communications +33 (0)1
40 67 55 16 — helene.salmon@klepierre.com Delphine Granier,
Taddeo +33 (0)6 33 05 48 50 —
teamklepierre@taddeo.fr |
ABOUT KLÉPIERRE
Klépierre is the European leader in shopping
malls, combining property development and asset management skills.
The company’s portfolio is valued at €23.7 billion at December 31,
2019 and comprises large shopping centers in 12 countries in
Continental Europe which together host 1.1 billion visits per year.
Klépierre holds a controlling stake in Steen & Strøm (56.1%),
Scandinavia’s number one shopping center owner and manager.
Klépierre is a French REIT (SIIC) listed on Euronext Paris and is
included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes. It
is also included in ethical indexes, such as DJSI World and Europe,
FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and
World 120, and figures in CDP’s “A-list”. These distinctions
underscore the Group’s commitment to a proactive sustainable
development policy and its global leadership in the fight against
climate change.For more information, please visit the newsroom on
our website: www.klepierre.com
This press release is available on the Klépierre
website: www.klepierre.com
- PR_KLEPIERRE_COVID-19_SECOND_UPDATE_VFINAL
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