The Klépierre real estate group still affected by the health crisis in the 3rd quarter

Over the nine months from the end of September, Klépierre posted a turnover of 918,5 million euros, a decline of 7,9% compared to the same period last year.

The turnover had posted an equivalent decline in the first half. Like the entire shopping center sector, the group has suffered heavily from the health restriction measures taken by many countries in the face of the coronavirus.

Nevertheless, "Klépierre's activity has continued to recover over the past three months," assured Jean-Marc Jestin, chairman of the board of the company, which owns a hundred large shopping centers across Europe.

Klépierre is particularly pleased to have been able to largely collect the rents owed by its banners since the beginning of the summer, when it has faced many unpaid debts in the second quarter, at the height of the containment measures decreed by European countries like France.

"The recovery in merchant sales and footfall has led to an encouraging improvement in the rental collection rate," which stood at around 90% in the third quarter, said Jestin.

But, with the resumption of the epidemic, the outlook remains uncertain for the group, while it was able to reopen most of its centers at the beginning of the summer.

In recent weeks, the total or partial closure of shops has been decreed again in several countries including the Czech Republic and in parts of Italy.

"These restrictive measures relate to 10% of Klépierre's portfolio," admits the group, which does not give a forecast for the year.