Baltisches Haus will grant a 100% discount on the rent for premises

The commercial real estate development and management company Baltisches Haus will grant a 100% discount on the rent for premises for the tenants who are unable to carry out their activities due to the announcement of quarantine. Such discount will be granted for the entire period of activity restriction, but no longer than till 31st May.
“After the Government announced universal quarantine, the activities of some of our clients were restricted. Considering the fact that the quarantine will be extended for another two weeks until 27 April, and the financial support measures for business may take time to be implemented, in order to establish a strong long-term partnerships, we decided to show solidarity with our tenants and bear part of the financial burden that has fallen upon them. We hope that in this way we will help to stabilise their activities, preserve jobs and maintain liquidity,” said Baltisches Haus, UAB Director Mr. Audrius Masionis.
According to him, some European Governments have already made decisions to compensate losses suffered by real estate owners and tenants during the quarantine period.
“We closely follow commercial real estate rental market not only in Lithuania, but also in other countries and have noticed that some European Governments have already decided on the size and method of compensation for losses incurred by landlords and tenants of commercial premises. We hope that we will soon see these decisions in Lithuania as well. At the same time, we would like to invite other participants of commercial real estate market, if possible, to show solidarity with their partners,” tells Mr. A. Masionis.
Despite the fact that in the coming months Baltisches Haus will not receive planned revenue, the company will continue to perform its obligations with respect to all parties involved.
“The announcement of the quarantine itself is not a reason for suspending the performance of or adjusting the agreements, therefore, despite this uncertain and difficult situation, we will continue to perform our obligations to all tenants, partners and employees,” states Mr. A. Masionis.
Currently, Baltisches Haus controls approx. 260,000 sq. m. of commercial premises in 39 Lithuanian cities. Over 650 companies, engaging in various activities, such as grocery stores, coffee shops, pharmacies, betting shops, sports clubs, beauty parlours, etc., develop their businesses in Baltisches Haus shopping centres.