How Retail Property has fallen in value amid covid-19 pandemic?

  • Apr 24, 2020 NZST
  • Team Kalkine

The Warehouse has asked some staff to take a 10 to 20 percent pay cut or face redundancy, due to a "significant" revenue drop during the coronavirus alert level 4 lockdown, despite selling online essentials.

Air New Zealand has decided to pull the plug on its Auckland-Buenos Aires and Los Angeles-London routes due to the impact of COVID-19. The airline will also postpone the commencement of its non-stop Auckland-New York service from 29 October 2020 until late 2021 at the earliest.

Retail property has fallen in value at large property company Argosy because of the impact of coronavirus COVID-19 on retail trade but industrial and office buildings have risen. The company's portfolio of properties rose overall by 3.6 percent from a year ago to be worth $1.78 billion on March 31, 2020. Argosy chief executive Peter Mence said: "We are very pleased to see our diversified portfolio of quality assets demonstrating resilience in challenging times."

 


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