Karachi: The Dolmen City REIT management has decided to waive the rentals of its tenants resident in Dolmen Mall Clifton and Harbour Front, a news source reported. In this regard, a formal announcement was made on Tuesday (June 8) via a letter written to the Pakistan Stock Exchange (PSX).
The letter stated that due to limited trading hours and thus reduced business activity, the Dolmen City REIT has taken following measures to facilitate its tenants:
- 100% waiver on May 2020 rentals for Dolmen Mall Clifton tenants who were unable to operate during the lockdown period
- 55% waiver on June 2020 rentals for tenants who could not operate their businesses during the lockdown period
- 50% waiver on June 2020 rentals for Harbour Front tenants
The letter further stated that the offered discount on rentals does not apply on tenants who continued to operate their businesses (supermarkets, banks, food outlets) during the lockdown period.
Furthermore, the management also affirmed to continue to monitor the situation by being engaged with tenants. ‘The discount on rentals will provide cost and cash flow relief to the tenants facing troublesome economic conditions due to the pandemic outbreak’, stated the Dolmen City REIT letter.