Fund manager Northern Horizon Capital said on Friday that its Baltic Horizon fund will be implementing a number of relief initiatives for smaller retail tenants affected by the coronavirus outbreak.
‘While the spread of COVID-19 virus is causing an unprecedented damage to businesses and communities across the globe, our home markets in the Baltics are facing equally challenging financial prospects,’ said Tarmo Karotam, fund manager of Baltic Horizon Fund.
From April 1, the company will defer rent payments for a period of three months. In due course, tenants will also have the possibility to discuss and agree an individual payment schedule for the recovery of deferred rental payments after the deferral term.
Baltic Horizon Fund is also waiving all penalties and interest arising from the rent deferral.
While these measures are aimed primarily at the smaller most vulnerable tenant groups in light of the current crisis, the company said that it will be maintaining an active dialogue also with its anchor tenants and on individual basis consider different options to support them through this difficult period.