August 11, 2020 (MLN): The Sub-Committee of the Board of Dolmen City REIT has revoked the announcement made on August 6 on the waive rentals as the businesses have been allowed to open amid the decline of the COVID-19 cases. The Sub-Committee, after obtaining recommendations from Property Manager and the REIT Management Company, has deliberated on the strategy going forward and has decided to waive:
i) 25% rentals of the tenants having retail outlets in “Dolmen Mall Clifton” for the month of August 2020;
ii) Minimum rent will not be charged 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.
iii) 25% rentals of the tenants of “Harbour Front” for the month of August 2020.
According to the notification issued by the company to PSX, the above discount 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 the closure of the business.
‘Dolmen City REIT will continue to engage with the tenants and monitor the situation closely. DCR is 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.’, the notification said.
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