Atrium European Real Estate published an update on trading for the three months ended 31 March 2020 and an update on trading in light of the COVID-19 pandemic. A progressive reopening has been launched from 4 May in Poland and is planned from 11 May in the Czech Republic and 3 June Slovakia, although it is too early to say when the company’s assets will return to full operation.
Q1 2020 results
Update on trading since COVID-19
Since mid-March, government-imposed trading restrictions in the company’s areas of operations were introduced at all shopping centres with only grocery stores/supermarkets, pharmacies/drugstores and other necessary services allowed to operate. These exempt stores comprise 21% of GLA and 16% of base rental income
The Czech Republic and Slovakia
Atrium’s action plan
Liad Barzilai, Chief Executive Officer of Atrium Group, commented: “COVID-19 has changed the global economic outlook for at least this year and this will inevitably impact our business. There is no doubt that the short-term implications of these restrictions will bring commercial and financial challenges which we will need to navigate over the remainder of the year.”
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