The real estate investment fund managed by Emirates NBD announces a relief initiative for tenants affected by the “COVID 19” outbreak. The initiative aims to help tenants who need to reduce rent, in the form of free rental periods, postponing checks, or rescheduling rental payment plans, depending on their financial situation.
Anthony Taylor, Head of Real Estate Management at Emirates NBD Asset Management, said: “The financial position is now robust, which enables us to identify those who are in real need of financial assistance to overcome the continuing impact of COVID 19 across companies in Dubai.
He added that the financial situation of each tenant seeking relief will be assessed before agreeing to the rental payment structure that meets its requirements, and we want to focus on the tenants who are in urgent need of our support. As not all sectors have been affected by the epidemic. This comes in order to build long-term relationships with tenants because in current market conditions rent occupancy and leasing are a top priority.
In addition to that, tenants will be required to provide the documents needed to renew the adequate rental relief, including:
* For companies, including offices and alternative tenants:
- Trading figures for the past 12 months, demonstrating the impact of Covid-19 on revenue
- Bank statement for the last 12 months
- Evidence of ongoing fixed costs, including detailed details with supporting documents
- Audited financial information for the past three years.
* For individuals, including residential tenants, the following is required:
- Documentation proving loss of income, such as a salary cut or an exit letter from the employer.
- Bank statement for the last 12 months.