Brief: Eurocommercial Properties To Appoint Evert Jan van Garderen CEO

Eurocommercial Properties NV

06/05/2020 07:16

May 6 (Reuters) - EUROCOMMERCIAL PROPERTIES NV  SIPFc.AS :
    * SUPERVISORY BOARD TO NOMINATE EVERT JAN VAN GARDEREN,
CURRENTLY
CFO, TO BE APPOINTED CHIEF EXECUTIVE OFFICER
    * ALL OUR CENTRES IN SWEDEN HAVE REMAINED OPEN OVER THE PAST
MONTHS WITH TRADING HOLDING UP WELL IN THE CIRCUMSTANCES
    * EARNINGS (DIRECT INVESTMENT RESULT) OF €87.6 MILLION FOR
THE
THREE QUARTERS
    * IN BELGIUM, FRANCE AND ITALY, ALL STORES EXCEPT FOOD
STORES AND
PHARMACIES HAVE BEEN CLOSED SINCE MID-MARCH AND ARE NOW
PREPARING FOR GRADUAL REOPENING IN MID-MAY
    * LIKE-FOR-LIKE (SAME FLOOR AREA) RENTAL GROWTH FOR TWELVE
MONTHS
TO MARCH 2020 WAS 1.7% ACROSS PORTFOLIO
    * ALL MEMBERS OF MANAGEMENT BOARD HAVE REDUCED BASE SALARIES
BY
20% FROM MAY PAYMENT FOR PERIOD OF THREE MONTHS AND THEIR
VARIABLE REMUNERATION HAS BEEN CANCELLED
    * HAS BEEN WORKING WITH TENANTS ON RENT DEFERRALS AND
HOLIDAYS IN
THE LOCKDOWN PERIOD FOR THE SMALLEST OPERATORS
    * HAS A ROBUST BALANCE SHEET STRUCTURE AND BANK LOANS WITH
AVERAGE
COMMITTED UNEXPIRED TERM OF OVER FIVE YEARS
    * PROPOSES CHANGING THE END OF ITS FINANCIAL YEAR TO 31
DECEMBER
    * FOLLOWING CLOSURE OF MOST STORES BY MID-MARCH 2020 DUE TO
COVID-19, NOT RELEVANT TO INCLUDE MARCH 2020 RETAIL SALES IN
COMPARISON WITH THOSE OF LAST YEAR
    * TOTAL VACANCIES FOR PORTFOLIO AT 31 MARCH 2020 REMAINED
VERY LOW
AS THEY HAVE OVER THE LAST 20 YEARS AND REPRESENTED 1.3% OF
RENTAL INCOME

Source text for Eikon:  ID:nGNE4T05j1 
Further company coverage:  SIPFc.AS 

 (Gdansk Newsroom)
 ((Gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))