ECONOMY

Prodea anticipates minor impact from coronavirus

prodea-anticipates-minor-impact-from-coronavirus

Prodea Investments expects no more than a 10 percent reduction in its turnover from rentals due to the measures related to the expansion of Covid-19.

Based on 2019 figures, this would amount to lost revenues of some 13.5 million euros on an annual basis and would only concern the rents of commercial stores (excluding banks and supermarkets that are operating as normal) and hotels in its portfolio.

The precise amount of Prodea’s losses in takings in 2020 will depend on the duration those stores and hotels will have to remain shut, and for how long the 40 percent discount on the rent payments of affected businesses will apply.

Prodea officials say the company will also feel the effects of the closure of the two hotel-resorts in Cyprus that belong to and are managed by the Greek real estate investment company.

Last year they had brought in 33 million euros in revenues.