With the economic crisis caused by the COVID-19 outbreak jostling for position with the virus for businesses impact, one Quebec landlord has offered help.
Ivanhoé Cambridge announced Thursday that it will be deploying measures to alleviate its shopping centre tenants’ immediate financial strain of dealing with the coronavirus outbreak.
These measures include deferral of rent payable for retail units to a date that will be identified in the future. This will be determined on a case-by-case basis dependent on individual tenants’ positions.
"We are implementing exceptional measures in order to respond to an exceptional situation. Each of us must do our part to support the well-being of our community and Ivanhoé Cambridge is united in solidarity with the difficult circumstances faced by many businesses, said Nathalie Palladitcheff, president and chief executive officer, Ivanhoé Cambridge. "Our decisions are made with caution in these circumstances. The mitigating measures proposed today aim to alleviate the liquidity problems of the tenants of our shopping centers in Quebec and to support the economy of the province."
The real estate investment firm says that its shopping centres remain open for now with extra measures being deployed in accordance with public health agency guidelines.