OUE Group to provide rental relief scheme to retail tenants
SINGAPORE, April 1, 2020 /PRNewswire/ -- In a move to support its retail partners across its portfolio of properties to weather the economic distress caused by the coronavirus pandemic, OUE Limited ("OUE") and OUE Commercial REIT Management Pte. Ltd., in its capacity as manager (the "Manager") of OUE Commercial Real Estate Investment Trust ("OUE C-REIT") have announced rental relief measures tailored for the retail tenants within their respective properties in Singapore at Downtown Gallery, Mandarin Gallery, OUE Bayfront, OUE Link and OUE Tower.
Measures in place to ease rental pressures for eligible tenants include the following:
(a) Waiver of gross rental for April 2020;
(b) Passing on in full the property tax rebates to be received from the Singapore Government;
(c) Flexible payment schemes, and
(d) Rental reduction of between 15% to 25%, to be reviewed on a month-on-month basis.
"These are unprecedented times for all of us, and we at OUE Group are committed to sharing the burden with our tenants and working cooperatively to navigate through the uncertainty," shares Brian Riady, Deputy Chief Executive Officer, OUE Limited.
He adds, "As landlords we take a long-term view of the relationships we forge with all of our tenants. As such, we are prepared to explore and introduce further rental relief initiatives should the situation call for it."
For further information, please contact :
Senior Vice President, Retail
Tel: +65 6809 6080
OUE Commercial REIT
Senior Vice President, Investor Relations
Tel: +65 6809 8704
For more information, please visit www.oue.com.sg.
For more information, please visit www.ouect.com.
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