Citycon’s rent collection continues strong in Q3/2020
CITYCON OYJ Corporate press Release 15 September 2020 at 12:00 hrs
Citycon’s rent collection has reached 90% for July 2020 continuing the trend of strong collection rates.
Citycon’s rent collection has been solid throughout 2020. As of today, the rent collection rate for H1/2020 stands at 94%. Solid collection rates have subsided, and 90% of July 2020 rents were collected in the beginning of week 37.
“The continued strong collections on top of the 11% gain in sales for the same month clearly signal the strength of the portfolio even during this difficult period. The holistic approach selected in the Nordics to tackle COVID-19 outbreak has placed businesses in solid position to come through the crisis and continue operations. This has been reflected also in our rent collection figures that continue to outperform the industry average. Furthermore, this highlights the demand for our necessity-based community centres with retail, municipal services and grocery stores/pharmacies that are connected to public transportation. The mixed-use strategy of our centres provides natural visitor flow bringing customers to enjoy the services of our tenants every day, even during these unusual times.” says F. Scott Ball, CEO at Citycon.
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Citycon is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic countries. The total value of the property portfolio managed by Citycon is approximately EUR 4.4 billion. Citycon is the leading shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.
