Frasers Property tops up $45m in rental rebates
It will be disbursed to its retail tenants in a targeted manner.
Frasers Property Retail and Frasers Centrepoint Trust are providing additional rental rebates amounting to $45m for tenants as an extension of their tenant support package to help ease the impacts of COVID-19, according to a press release.
These rental rebates are planned to be disbursed to tenants in a targeted manner, prioritised by individual needs. A one-month rental waiver will also be granted to all entertainment venues, enrichment centres and tuition centres which have been affected by closures.
Combining the rental rebates, property tax rebates and offsetting of cash security deposits, all of their tenants will get some form of relief from rental payments for April and May.
In addition to rental rebates, tenants will receive the full property tax rebates from the Resilience Budget announced by the government. Cash security deposits will also be released to offset one month’s worth of rental payments.