Australia’s second largest mall landlord announces $1.8b full-year loss as social distancing measures to contain the pandemic eat into its rental income and property values.
The country's second largest shopping centre landlord has wiped billions off the value of its extensive portfolio as it assesses the full impact of the global COVID pandemic.
Scentre group,the country's largest retail landlord,has seen a resurgence in shoppers and store re-openings across its Westfield malls.
The value of the property portfolios held by Australia’s real estate trusts are diverging sharply with some proving more resilient to the pandemic’s effects than others.
The coronavirus has taken its toll on mall owner GPT,which has been forced to write down the value of seven of its key centres by almost $500 million.
Investors have pumped close to $4 billion into the listed property sector as companies seek to shore up balance sheets bruised by the impact of the global pandemic.
Shopping centre landlord Vicinity Centres will raise $1.4 billion and cancel its half-year distribution in a further sign of retail stress amid the coronavirus pandemic.
Shopping centres have enlisted a raft of security guards,staff members and protective service officers to remind customers to stay 1.5m apart.
Despite real estate investment trusts losing a third of their value,Charter Hall appears to have the financial firepower to make it through to a post-pandemic world.
Global fund manager Nuveen Real Estate has defied market uncertainty with the sale of a major stake in a Brisbane shopping centre to a family-run business for $285 million.
One of the country's biggest shopping centre landlords has posted a 31 per cent drop in sales growth for March,with April data tipped to be even worse.