To avail of the above relief policies, tenants are required to clear all outstanding payments up to March 24, 2020.
Published: Tue 5 May 2020, 9:00 PM
Updated: Tue 5 May 2020, 11:31 PM
Emaar Malls has announced extended relief package for its retail tenants and also deferred collection of rental cheques to ease potential financial pressure on its clients due to Coronavirus.
It said tenants whose stores were mandatorily closed during the lockdown period will be offered a waiver of contractual base rent, service charge, yearly marketing fee and 70 per cent flat discount on fixed chilled water charge.
It added that tenants whose stores were mandatorily closed by government decision prior to the lockdown period shall also benefit from this category of relief starting from the date of the government mandatory closure until the date such closure is lifted.
In addition, tenants whose stores were open during the lockdown period will pay turnover rent (TOR) calculated for each store at base rent-to-sales percentage of comparative month of year 2019 or at the contractual TOR percentage under the lease agreement - whichever is higher.
The rent will be invoiced and collected on monthly basis. Tenants not required to pay TOR under the lease, will be offered a flat discount of 70 per cent on the base rent and a waiver of yearly marketing fee, limited to the lockdown period.
To avail of the above relief policies, tenants are required to clear all outstanding payments up to March 24, 2020, submit within the contractual deadlines the monthly sales report and remain open for business during the post lockdown period unless mandatorily closed by the Government.
The notice said tenants whose leases expire before December 31, 2020 will, in addition to fulfilling the forgoing conditions, timely renew the relevant lease in line with the lessor offer for a minimum period of not less than the current lease term, to avail relief during the post lockdown period.
Tenants need to timely sign all documents required to record the conditions of the relevant relief policy. All other terms of the lease will remain unchanged.
"We trust the above relief policies will help our retail partners navigate through this critical period and we remain committed to continue our partnership in these challenging times together," said Natalie Bogdanova, chief operating officer of Emaar Malls.
-waheedabbas@khaleejtimes.com
A Staff Reporter
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