NEW GLASGOW, NS, March 27, 2020 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) today announced that it will launch the Crombie Values Small Business Program, a program to offer relief to qualifying small business tenants impacted by the COVID-19 pandemic.
Crombie's small business support program includes relief that defers rent to assist small businesses during this unprecedented time. Effective as early as April 1, 2020, small businesses within Crombie's portfolio that demonstrate a need for assistance may qualify to defer a portion or all of their rent for two months. Tenants who have requested relief will promptly receive a letter outlining program details and eligibility requirements. Inquiries should be sent to CVSB@crombie.ca.
"Canadians from coast to coast are doing what we need to do to 'flatten the curve' of this pandemic," says Don Clow, President and CEO of Crombie. "Crombie is fortunate that approximately 75% of our portfolio is comprised of grocery, drugstore, government, and other high credit tenants. We're aware that small business owners are facing difficult times, and many of our tenants are facing substantial losses in revenue. For some small business owners, these losses threaten their sustainability. We want to help these business owners, many of whom have recently found themselves in the heartbreaking position of locking their doors and laying off their staff. We are pleased to offer this program in support of qualifying small businesses and will continue to discuss how we can support them as we move forward together. This is the right thing to do for our tenants, for Crombie, and for our communities."
About Crombie REIT
Crombie Real Estate Investment Trust ("Crombie") is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie is one of the country's leading national retail property landlords with a strategy to own, operate and develop a portfolio of high-quality grocery- and drugstore-anchored shopping centres, freestanding stores, and mixed-use developments primarily in Canada's top urban and suburban markets. More information about Crombie can be found at www.crombie.ca.
SOURCE Crombie REIT
Media Contact: Glenn Hynes, FCPA, FCA, Executive Vice President & Chief Operating Officer, 902-755-8100 ext 3477, glenn.hynes@crombie.ca