SBB adjusts business rents during lockdown
SBB waives and reduces business rents in its properties during the lockdown. Those affected by official closures will pay no rent at all. Stores that remained open will receive rent reductions.
According to SBB, the rents for more than 1,200 leases will be adjusted for the lockdown period. Businesses that had to close on official orders during the lockdown will not have to pay any rent at all for this period. Primarily, these are retail and restaurant businesses in the stations, and depending on their use, this phase will last from March 17 to April 26, May 10 or, most likely, June 8, 2020.
Businesses that did not have to close will pay less rent during the lockdown, SBB added. The amount of the reductions would depend on the drop in sales. Tenants of office and residential space will not receive rent reductions.
The aim of this arrangement is to support business tenants, contribute to their planning security and liquidity, and honor business relationships, some of which go back many years, SBB added. The companies do not have to apply for the rent reductions; SBB will approach them. SBB has also extended the payment period for rents by 60 days from March and has lifted the minimum opening hours for all stores. (ah)
