El Rosal Shopping Centre | Photo Collected From Lar España
«The agreements represent, in most cases, a great commitment from both parties, strengthening the relations with the retailers and reinforcing the duration and stability of the contracts, as well as that of all our shopping centres and retail parks», revealed the Company in a release sent to the Comisión Nacional Del Mercado de Valores this Monday.
Since the end of May in some cases and since the beginning of June in others, all Lar España’s shopping centres and retail parks have been open and operating, with a «positive» recovery in terms of public affluence and always respecting the security measures. In June 2020, affluence to Lar España’s shopping centres reached 92% of the numbers reached during the same period last year. Between the 1st and the 12th of July 2020, affluence was 95% of the affluence during the same period last year.
Lar España remarked that the negotiations reinforced the corporate relationships with the tenants, who are seen as commercial partners. The REIT’s ten main tenants represent 34% of the company’s leasing revenues. Of all contracts signed with retailers, around 60% had an expiry period of five years or more.