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CBO TERRITORIA: 2020 revenue of EUR 103.6 million (down 6.4%), a strong performance given the impact of the first lockdown and a high base for comparison in Property Development in 2019


CBO TERRITORIA: 2020 revenue of EUR 103.6 million (down 6.4%), a strong performance given the impact of the first lockdown and a high base for comparison in Property Development in 2019
Property Investment: €20.8 million, up 0.6%, excluding block sales of homes and including lockdown-related rent relief
Property Development: €78.8 million, down 6.2%, with a firm contribution from block sales of homes and a further increase in building plots
We achieved strong revenue in 2020, which shows our resilience given the impact of the first lockdown. In La Réunion, which has so far been relatively unaffected by Covid-19, our Property Investment business achieved slight growth at constant scope, not including assets due to be integrated in 2021. Property Development business levels ended a peak, with a very strong second half that partly made up for the slowdown in business in the first. The breakdown of our Property Development sales suggests that our margins increased in ....

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'We Wish That New Owner The Best Of Luck': Simon Continues Handing Back Struggling Malls


Wikimedia Commons/John Phelan
The Square One Mall in Saugus, Massachusetts.
Last week, Simon relinquished its ownership of an Atlanta mall in a foreclosure auction that saw no bids. In November, the REIT ceded control of at least four other mall properties it controlled. This week, according to Fitch Ratings, the mall operator is over 60 days delinquent on an $85.6M loan backing a Boston-area mall for the second time in four months.
The news comes after a dim earnings report Monday, in which Simon reported a $1B drop in revenue and income from 2019 to 2020. In the company’s earnings call Monday evening, Chairman and CEO David Simon acknowledged that it will work with lenders who are open to taking over some of the REIT’s underperforming malls. ....

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