The large Spanish real estate companies are beginning to take stock of the impact of the Covid-19 coronavirus epidemic on their businesses. Such is the case of Merlin Properties. The Socimi with the largest number of rental assets in the Spanish market has revealed, in a call with analysts, that the closure of non-essential commercial establishments decreed by the State of Emergency will result in a decrease in its annual income from that type of property.
Specifically, Merlin, whose shopping centres generate 23% of its gross income, points out that only 23% of the stores in its commercial establishments are currently open. The company has given those tenants a 100% payment holiday on their rents for as long as the State of Emergency lasts.
