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Tenants Request a 50% Discount in their Rents After the Reopening of Shopping Centres

Small and medium-sized operators are asking shopping centre owners to share the impact of coronavirus through a 50% reduction in their rents until the first quarter of 2021.

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Holea Shopping Centre.

More than six weeks after the State of Emergency was decreed in Spain, activity in shopping centres is still practically at a minimum, following an unprecedented decrease in footfall and sales.

To alleviate this situation, most of the owners of these establishments have agreed with their tenants to postpone rental payments for the duration of the lockdown period. They are relying on the Royal Decree that the Government approved to apply a moratorium on the rental payment for those businesses affected by the Covid-19 crisis. Such is the case of the large owners of shopping centres in the country such as Merlin Properties and Temprano Capital. Meanwhile, Castellana Properties has chosen to waive the rent for April.

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