Northern Horizon Capital AS, the management company of Baltic Horizon Fund, will be implementing a number of relief initiatives focused on alleviating the financial hardship of the most vulnerable group of SME tenants, primarily in the retail sector, whose operations were most severely affected by the outbreak and the restrictive measures implemented by the Baltic governments to limit the spread of contagion. „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. Baltic Horizon Fund is managing capital entrusted to us by Baltic retail and institutional investors so we consider it our responsibility to also make an effort to help companies get through this crisis,“ said Tarmo Karotam, fund manager of Baltic Horizon Fund.
The following relief measures will be coming into effect on April 1, 2020:
- Rent payment deferral for the period of 90 days (3 months) which could be extended depending on the development of the pandemic and governmental restrictions. In case government has waived collection of certain service charges, those will also be taken into consideration.
- In due course, tenants have a possibility to discuss and agree an individual payment schedule for the recovery of deferred rental payments after the deferral term.
- Waiver of all penalties and interest arising from the rent deferral.
The eligibility for the relief and preconditions will be determined individually for each tenant by fund management taking into account the changing nature of the restrictive measures and the financial stimulus being initiated by the Baltic governments.
While these measures are aimed primarily at the smaller most vulnerable tenant groups in light of the current crisis, we will be maintaining an active dialogue also with our anchor tenants and on individual basis consider different options to support them through this difficult period. Tenants who are less affected by the COVID-19 virus outbreak are called upon to fulfill their obligations according to their lease agreement. We will give more information directly to our tenants in the coming days.
Meanwhile, Baltic Horizon Fund will continue serving its clients, operating partners and investors to the best of our ability, that way exercising our responsibility to help the region get through the crisis.
For more information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
www.baltichorizon.com
Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com