The management of Dolmen City REIT has decided to waive off rentals of its tenant amid economic slowdown due to COVID-19.
“Dolmen City REIT stands fully committed with its tenants and willing to extend maximum possible support to all of them during the ongoing pandemic. DCR’s management make every effort to work in close collaboration with our business partners and we can understand economic challenges that are being faced by the organizations due to COVID-19.”
The Sub-Committee of the Board of Dolmen City REIT, after obtaining recommendations from Property Manager and the REIT Management Company, deliberated on the strategy going forward and has decided to waive:
- 35% rentals of the tenants having retail outlets in “Dolmen Mall Clifton” for the month of August 2020;
- Minimum rent will not be charged to tenants of “Dolmen Mall Clifton” for the month of August 2020 who are closed or have limited operatic-is on government directives such as entertainment, children playing area and food outlets.
- 25% rentals of the tenants of “Harbour Front” for the month of August 2020.
The above discount will not apply to operational tenants who are providing essential services such as supermarkets and banks. This measure will provide essential cash flow relief to tenant partners already affected by closure of business.
“We will continue to engage with the tenants and monitor the situation closely. We are cognizant of the need to fully support the efforts of Sindh and Federal Governments to contain the spread of this pandemic and stand with Nation in this unfortunate and difficult time. Inshallah, by grace of Allah Almighty, the spread of the virus will be contained and businesses will return to the usual very SOOI1.”