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Shopping centre owners request a bailout plan for retail
20 April 2020 |

Retail asset owners, one of the real estate segments most affected by the Covid-19 pandemic in Spain, joined together to analyse measures to save the segment.

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The goal is to create plans to alleviate the impact of the crisis on consumption and to boost a revitalisation plan which will guarantee the survival of the commercial fabric, its structural function within the economy and its role as a social dynamo. According to this group, the development of joint solutions is the only way to absorb the consequences of the crisis and rescue the segment in the mid-term.

The main owners within the segment have already set in motion initiatives to support its tenants during this period so as to alleviate the treasuries of SMEs and other commercial operators which were forced to shut down. And at the same time, the commerce of essential goods remains open.

Support to the measures proposed by the AECC

These companies support the proposals presented by the Asociación Española de Centros y Parques Comerciales – AECC (Spanish Association of Shopping Centres and Retail Parks) to the Ministry of Industry, Commerce and Tourism, such as direct and indirect support to tenants and landlords as a moratorium to pay the rents of closed commercial businesses to be paid in instalments during one year.

Another measure is to create a Government guarantee fund to guarantee the rental payments to the landlords and support for the full payment of the rent for more fragile retailers; public support for owners who accept to postpone or waive rents and tax cuts for tenants who continue paying the rents even while their business is closed.