News Article Austria CEE coronavirus office residential retail Romania S Immo
by Property Forum | Report

Shops, restaurants and hotels have opened again in nearly all of the markets in which the listed real estate investment company S Immo AG operates. Romania was the last to reopen, as the strict restrictions remained in place significantly longer there. However, hotels have been operating without restrictions and all shops have been open here as well since Monday, 15 June 2020. T

This is having a positive impact for S Immo’s Sun Plaza shopping centre in Bucharest. Except for the restaurants, all of the shops are open again. “In the first week, roughly 185,000 people visited our shopping centre, which is already more than 70% of the footfall before the COVID-19 crisis. We expect to see a continuous rise in the coming weeks,” commented Friedrich Wachernig, member of S Immo’s Management Board.

Although the reopening did not result in the desired recovery in all industries and business segments immediately, the increasing easing of restrictions in all countries is a very positive development. Ernst Vejdovszky, CEO of S Immo AG, is optimistic: “The residential markets were never impacted by the crisis significantly and the effects on the office segment have also been moderate thus far. Naturally, the recovery will take a bit longer for hotels and in the retail segment, but overall we are looking ahead to the coming months with a great deal of confidence. As entrepreneurs, we don’t plan for just one year in any case, but are already thinking about 2021 and beyond.”