The members of the Portuguese Council of Shopping Centers (APCC) have agreed to support more than 87 percent of their tenants with €305m to help them survive the impact of the. The APCC represents 93 centers, which house 8,600 stores, which is more than 90 percent of the total gross leasable area in the country.
The APCC said in a statement that the form of the support includes discounts, tenant incentives, operating cost reductions and rent deferrals until 2021 and 2022. António Sampaio de Mattos, president of the APCC said that these measures are the result of dialogue and cooperation between the shopping centers and their tenants. He claims it demonstrates the sector’s ability to work together to find balanced solutions that ensure the sustainability of all parties.
