Dolmen City REIT waives 35% rentals of Dolmen Mall Clifton

August 6, 2020 (MLN): The Sub-Committee of the Board of Dolmen City REIT, after obtaining recommendations from Property Manager and the REIT Management Company, has deliberated on the strategy going forward and has decided to waive:

i) 35% 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 notice sent by the company to PSX, 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 the closure of the business.

“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 makes every effort to work in close collaboration with our business partners and we can understand the economic challenges that are being faced by the organizations due to COVID-19”, the notification said.

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