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First-quarter 2020 business review

Jean-Marc Jestin, Chairman of the Klépierre Executive Board, commented, “In the first quarter of this year, Klépierre’s revenues were barely impacted by Covid-19. However, the effect of the lockdowns enforced since mid-March in virtually all countries where we operate has triggered the closure of most shops in our malls. From the outset, our number one priority has been to preserve the health and safety of all our stakeholders whilst supporting our retailers. For a couple of weeks now, our teams have been fully committed to preparing the reopening of our shopping centers in the best sanitary conditions. I would like to pay tribute to them for their dedication and mobilization in these unprecedented times. While it is still too early to assess the full impact of the situation on our full-year earnings, we remain confident that our high-quality portfolio, robust balance sheet and strong liquidity position coupled with our unique know-how will be invaluable assets in overcoming this exceptional situation.”