March 13, 2009
Mapletree won't cut rents
By Joyce Teo
DESPITE requests for rental rebates, Mapletree Industrial Trust (MIT) will not be offering any rental reductions to its tenants for now.
Instead, it will help tenants on a case-by-case basis, be it in restructuring lease terms, arranging for an instalment plan or helping them relocate to a cheaper place.
Last July, JTC Corp divested $1.71 billion worth of assets to MIT.
Mapletree Investments said on Friday that the private trust - of which it owns a 30.5 per cent stake - has its own constraints as it faces stricter loan convenants and its interest costs have almost doubled.
MIT's tenants petitioned for rental cuts after JTC announced that it was offering a 15 per cent rent rebate to its tenants as part of the Resilience Package.
Earlier today, Mapletree said the tenants of flatted and stack-up factories as well as warehouses are already benefiting from a 5 per cent rental cap - of JTC's rent on July 2007 - when they renew their leases.
Mapletree won't cut rents
By Joyce Teo
DESPITE requests for rental rebates, Mapletree Industrial Trust (MIT) will not be offering any rental reductions to its tenants for now.
Instead, it will help tenants on a case-by-case basis, be it in restructuring lease terms, arranging for an instalment plan or helping them relocate to a cheaper place.
Last July, JTC Corp divested $1.71 billion worth of assets to MIT.
Mapletree Investments said on Friday that the private trust - of which it owns a 30.5 per cent stake - has its own constraints as it faces stricter loan convenants and its interest costs have almost doubled.
MIT's tenants petitioned for rental cuts after JTC announced that it was offering a 15 per cent rent rebate to its tenants as part of the Resilience Package.
Earlier today, Mapletree said the tenants of flatted and stack-up factories as well as warehouses are already benefiting from a 5 per cent rental cap - of JTC's rent on July 2007 - when they renew their leases.
