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Castellana Properties forgives April rent to tenants affected by Covid-19
03 April 2020 |

Tenants of the 16 commercial assets owned by Castellana Properties whose businesses were shut down by the Covid-19 crisis, will not have to pay the rent for the month of April.

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This extraordinary measure does not, however, cover the payment of common expenses, such as the assets’ cleaning and security services, since the latter will remain open in order to ensure minimum services.

On the other hand, this solution does not apply to businesses which remain open. Tenants who have outstanding rental payments or legal processes against the REIT are also not covered by this measure.

On the notification sent by the REIT to the tenants, to which newspaper Expansión had access, it can be read that «Castellana Properties is willing to find, together with the tenants, all the measures and solutions which are necessary to overcome, all together, this situation».

Amongst the 16 assets, there are 6 shopping centres, such as the El Faro and the Bahía Sur, and 10 retail parks. These units represent 95% of the REIT’s current Gross Asset Value which in 2019 reached 1.028 million euro. The remaining 5% stem from two office buildings.