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Real Economy News in Real Time
R/€ = 19.05 Change: 0.14
R/$ = 16.81 Change: 0.13
Au 1809.79 $/oz Change: 13.36
Pt 855.68 $/oz Change: 14.51
 
 
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EPP concluding remaining tenant agreements

29th June 2020 BY: Tasneem Bulbulia
Creamer Media Reporter

Dual-listed property firm EPP says it is successfully concluding remaining tenant agreements.

The company, which is the largest owner of retail real estate in Poland, further notes in a pre-close statement that it is laying the foundations to better position the company in a post Covid-19 environment.

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It is also conducting analysis and recommendations on asset purchases and sales.

EPP is also pursuing further cost optimisation.

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The company’s longer-term strategy is under preparation, that of a three- to five-year plan, with a focus on capital structure, existing asset base and growth of the company in post-Covid-19 times.

In terms of the company’s retail portfolio, operations are nearing normality, it notes.

In June, the company had 96% occupancy and 70% of pre-pandemic footfall levels.

The company noted that in terms of its liquidity position, it is well capitalised, with cash on hand of €170-million. Liquidity is secured with the retention of a €53-million dividend and €95-million in corporate facilities.

The company’s 2020 full-year earnings per share guidance is expected to be between €0.04 and €0.05 apiece.

This is based on assumptions that the Polish economy continues its recovery in the second half of the year; that there are no significant tenant failures; the successful conclusion of remaining tenant discussions; and no second wave of Covid-19 in the second half of the year, which would have a detrimental impact on shopping centres. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
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