Klépierre reopens majority of shopping centers in Europe

Klépierre reopens majority of shopping centers in Europe
Photo: Courtesy of Klépierre

European shopping malls investment and management company Klépierre announced that the vast majority of its shopping centers have reopened in Europe.

Since early May, restrictive measures to contain the spread of Covid-19 have been progressively eased in all countries where Klépierre operates, leading to a gradual reopening of its malls.

As of today, 86% of the Group’s malls are open, representing 80% of the portfolio valuation on a Group share basis. The proportion of reopened malls is expected to rise in the coming weeks with the reopening of:

– Portuguese malls on June 1, 2020;

– Malls in the Barcelona and Madrid regions on June 8, 2020; and

– Malls of more than 40,000 sq.m. in the Paris region.

Restrictions remain in place on activities such as restaurants and cinemas in certain countries, including France, Italy, Spain, Portugal, and Germany, representing 5% of the Group’s yearly rent roll.

The Group has implemented all the necessary measures to resume operations whilst ensuring th protection of staff and visitors thanks to strict hygiene protocols. Klépierre will continue to monitor business matters and provide updates as the situation warrants.

Klépierre, the European leader in shopping malls, combines development, property 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.