French REIT Icade announced plans on Friday to cancel second-quarter lease payments for tenants with fewer than 10 employees, amid Covid-19 restrictions.
Icade, a developer-investor majority owned by Caisse des depots, said the initiative is part of a number of wide-ranging socially-responsible measures to deal with the Covid-19 crisis.
The company also announced plans to lower the 2019 dividend, limiting it to the REIT dividend payment obligations as well as cutting directors’ remuneration and donating the amount to charities.
‘Icade’s new measures seek an optimal balance between contributing to the national effort to respond to this unprecedented crisis, acknowledging the economic reality which has led us to help our tenants get through it, and protecting the Company’s interests,’ the company said in a statement.
Icade will reassess the impact of the Covid-19 crisis at the General Meeting to be held on April 24, 2020.