Immofinanz’s rental income in Q1 2020 rose by 13.4% to € 74.0 million, above all due to the expansion of the portfolio through acquisitions and completions as well as a growth of 1.9% in like-for-like rental income. The results of asset management increased by 18.1% to €59.5 million, and the results of operations were 18.0% higher at €43.5 million. However, the revaluation results of €-45.0 million from standing investments and goodwill reflect the adverse effects of the COVID-19 pandemic. Net profit for Q1 2020 was, therefore, negative at €-37.6 million.

According to a study conducted by research body Inquiry for the Polish Council of Shopping Centres (PRCH), 51% of those surveyed visited shopping centres in the first week after they reopened following the easing of the lockdown measures. Out of these, 64% visited shopping centres to make specific purchases, while 31% went to browse the stores or to seek out promotions.

Nine shopping centre owners in Romania, together with CBRE, have urged the Romanian Government to reopen large shopping centres as soon as possible.

Savills has been appointed property manager of Posejdon, a €78 million (PLN 350 million) office, conference and hotel complex in Szczecin. The building is entering an operational phase, with more office tenants moving in and the first retail stores now open. The opening of two hotels (four- and three-star hotels) is scheduled for the second half of 2020.

Developer NEPI Rockcastle completed the construction of the 39,800 sqm Shopping City Targu Mures project in Romania in Q1 2020. The opening was, however, rescheduled from the end of March to Q3 2020. The company is not launching new constructions until there is further clarity on the impact of COVID-19 on its operations.

With the easing of the strict governmental regulations in Budapest, NEPI Rockcastle Group, the owner of Arena Mall and Mammut Shopping and Entertainment Center is starting to get back to its usual operation. The company has introduced further safety measures in their Budapest shopping centres.

On 20 May, owners Tristan Capital Partners and White Star Real Estate opened the retail part of the Elektrownia Powiśle mixed-use project in Warsaw to the public.

SES Spar European Shopping Centers has opened Aleja Center in Ljubljana on 20 May 2020. The €150 million investment serves as a mixed-use shopping and leisure hotspot. The centre was completed in March, but, as a result of the COVID-19 pandemic, the originally planned opening date had to be postponed. The first shops with focus on local supply opened at the beginning of May, and the entire centre is set into full operation on 20 May. The Planet Lollipop children's adventure world and part of Aleja SKY are scheduled to open at a later date.  

Crestyl Real Estate is planning to start the construction of the 39,000 sqm Savarin mixed-use redevelopment project in Prague’s historic centre this autumn, local daily E15 reports. The project, based on the plans of the Heatherwick Studio, will see the construction of new office, retail, leisure and entertainment space within the original Baroque palace, riding hall and its courtyards

Shopping centres in Poland were reopened on 4 May. This is an indication that there’s light at the end of the tunnel for landlords and tenants, but the ongoing pandemic will have an enormous impact on the entire retail industry. Sylwia Wiszowata-Łazarz and Joanna Kłusek from Cushman & Wakefield talked about the current market situation, changing consumer habits and what actions to take to ensure a safe return of shoppers to brick-and-mortar stores.