Business

Pakistan’s shopping mall chain waives off rentals amid COVID

In order to facilitate small businesses, the management of Dolmen City REIT, has announced to waive off rentals of its tenants.

“In view of the decline in the COVID-19 cases, though the disease is still prevalent and likely to increase if no adequate precautions are taken, the businesses have been allowed to open subject to strict following of precautions to lessen the economic burden on population to the maximum extent possible.

In light of this decision, the earlier announcement made on August 6 on the same subject has been revoked. 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:

  1. Waive 25% rentals of the tenants having retail outlets in “Dolmen Mall Clifton” for the month of August 2020.
  2. Not charge the minimum rent to tenants of “Dolmen Mall Clifton” for the month of August 2020 who are closed or have limited operations on government directives such as entertainment, children playing area and food outlets.
  3. Waive 25% rentals of the tenants of “Harbour Front” ‘for the month of August 2020. The above discounts will not apply to operational tenants who are providing essential services such as supermarkets and banks.

“These measures will provide essential cash flow relief to tenant partners already affected by closure of business. Further, 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 the Nation in this unfortunate and difficult time.”

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