Dolmen City management announces to waive off rentals amid COVID-19 crisis
- The discount will not apply to operational tenants who are providing essential services such as supermarkets and banks or to food outlets.
The management of Dolmen City REIT has announced to waive of rentals for its Dolmen Mall Clifton and Harbour Front tenants, amid economic challenges that have arisen due to the coronavirus pandemic.
In a filing to the Pakistan Stock Exchange (PSX) on Tuesday, Domen City RIET stated: “Taking into consideration the challenging situation prevailed across the country due to the spread of COVID-19, resulting in limited trading hours, the management of Dolmen City REIT, has decided to waive:
• 100 percent rentals of the tenants of "Dolmen Mall Clifton" for the month of May 2020 for tenants who were unable to operate during the lockdown.
• 55pc rentals of the tenants of "Dolmen Mall Clifton" month of June 2020 for tenants who were unable to operate during the lockdown.
• 50pc rentals of the tenants of "Harbour Front" for the month of June 2020.
The company informed that the above discount will not apply to operational tenants who are providing essential services such as supermarkets and banks or to food outlets.
“This measure will provide cost and cash flow relief to tenant partners whose business is already affected. Further, we will continue to engage with the tenants and monitor the situation closely,” the company added.
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