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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Regional mall owner says its RO tenants’ revenues dropped by 16.8% in Q3

NEPI Rockcastle, the biggest mall owner in Romania, announced that its Romanian tenants' revenues posted the second-steepest decline in the third quarter of the year among the countries where the South African investor operates.

The revenues of NEPI's tenants in Romania contracted by 16.8% yoy in the third quarter compared to an average of 11% for its global tenants.

"The recovery is stronger in secondary cities and smaller shopping centers, while central assets in large cities, which are more reliant on office workers, improved at a slower pace," NEPI Rockcastle wrote in a financial report to its shareholders.

The best sales of tenants were in the Czech Republic (-1.2% compared to Q3 2019), Serbia (-1.7%), Poland (-2.7%) and Slovakia (-3.0%). Hungary (-19.8% ), Romania (-16.8%), Bulgaria (-10.5%) and Lithuania (-9.9%) performed below average due to the company's high exposure to assets in large cities, particularly capitals.

According to the report, the entire leasable area owned in Romania by NEPI Rockcastle was operational on September 30.

Still, the subsequent increase in COVID-19 cases has led to new local restrictions starting October 10.

Thus, only 90% of the group's local gross leasable area is currently operational, which is still better than a 31% share in Poland, the group's other major market.

(Photo: Pixabay)

[email protected]

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Regional mall owner says its RO tenants’ revenues dropped by 16.8% in Q3

NEPI Rockcastle, the biggest mall owner in Romania, announced that its Romanian tenants' revenues posted the second-steepest decline in the third quarter of the year among the countries where the South African investor operates.

The revenues of NEPI's tenants in Romania contracted by 16.8% yoy in the third quarter compared to an average of 11% for its global tenants.

"The recovery is stronger in secondary cities and smaller shopping centers, while central assets in large cities, which are more reliant on office workers, improved at a slower pace," NEPI Rockcastle wrote in a financial report to its shareholders.

The best sales of tenants were in the Czech Republic (-1.2% compared to Q3 2019), Serbia (-1.7%), Poland (-2.7%) and Slovakia (-3.0%). Hungary (-19.8% ), Romania (-16.8%), Bulgaria (-10.5%) and Lithuania (-9.9%) performed below average due to the company's high exposure to assets in large cities, particularly capitals.

According to the report, the entire leasable area owned in Romania by NEPI Rockcastle was operational on September 30.

Still, the subsequent increase in COVID-19 cases has led to new local restrictions starting October 10.

Thus, only 90% of the group's local gross leasable area is currently operational, which is still better than a 31% share in Poland, the group's other major market.

(Photo: Pixabay)

[email protected]

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