Poland-focused retail real estate investment trust EPP has advised that all Polish shopping centres and retail locations measuring more than 2 000 m2 in size will be temporarily limited in terms of trading between November 7 and November 29.
The Polish government had decided to close parts of shopping centres, alongside cinemas, theatres, museums and schools to help flatten the infection rate of Covid-19 in the country.
This comes as many countries in Europe are experiencing a second wave of infections.
Compared with the lockdown in March and April this year, the latest trading restrictions apply to fewer stores.
Among the stores that will continue trading for the month are grocers, do-it-yourself stores, pharmacies, medical stores, cosmetic shops, pet stores, telecommunication stores and shops selling books or newspapers.
Stores that are allowed to open during this time constitute about 27% of EPP’s retail portfolio in terms of gross leasable area (GLA), while restaurants comprise an additional 3% of GLA. These will also be allowed to operate on a takeaway and delivery basis.
EPP assures that it is well capitalised to navigate through this period, with ample headroom on loan-to-value covenant levels and a healthy interest cover.