Ivanhoé Cambridge grants rent relief to Quebec shopping centre tenants
Mall landlord Ivanhoé Cambridge announced on Thursday some much needed financial relief for tenants of its retail properties in Quebec.
Amid the Covid-19 crisis, which has caused hundreds of brands and retailers to close stores across North America, Ivanhoé Cambridge said it will grant a deferral of the rent payable by Quebec-based tenants, until a later date.
The deferral amount will be granted on a case-by-case basis, according to the respective situation of each retailer, while the deferral period will be determined according to the evolution of the situation.
"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 CEO of Ivanhoé Cambridge, in a news statement.
"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.”
In Quebec, Ivanhoé Cambridge owns properties like the Montreal Eaton Centre, Place Montreal Trust and Place Ste-Foy, in Quebec city.
Despite Canada’s Prime Minister Justin Trudeau announcing social distancing measures to protect Canadians over a week ago, most malls across the country remain open, some at reduced hours.
Still, in the midst of the pandemic, many retailers have taken preventative measures including temporarily closing stores until further notice.
The rent deferral could potentially impact Canadian retailers like Reitmans, Roots, Dynamite, Simons and Harry Rosen to name a few who operate several locations in Ivanhoé Cambridge properties, across the province, that are now temporarily closed.
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