Major shopping malls chain in Karachi waive off rentals, as economic slowdown continues

As coronavirus pandemic continues to cause economic slowdown, the Dolmen City REIT management has once again announced to waive off rentals of the tenants having retail outlets in “Dolmen Mall Clifton” and “Harbour Front” for the month of July.

“We can understand economic challenges that are being faced by the organizations due to COVID-19,” said the management. The Board of Director of Dolmen City REIT, deliberated on the strategy going forward and has decided to waive:

i) 45 percent rentals of the tenants having retail outlets in “Dolmen Mall Clifton” for the month of July 2020;

ii) Minimum rent will not be charged to tenants of “Dolmen Mall Clifton” for the month of July 2020 who are closed or have limited operations on government directives such as entertainment, children playing area and food outlets.

iii) 40pc rentals of the tenants of “Harbour Front” for the month of July 2020.

The company added that the above discount will not apply to operational tenants who are providing essential services such as supermarkets and banks. It was of the view that this measure will provide essential cash flow relief to tenant partners already affected by the closure of business.