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Elite Commercial REIT’s Primary Tenant In Expansion Mode

Elite Commercial REIT’s Primary Tenant In Expansion Mode

September 23, 2020 – Elite Commercial REIT Management Pte. Ltd.the manager  of Elite Commercial REIT, provided an update on its primary tenant, the United Kingdom Government’s Department Of Work And Pensions (DWP)’s operations and activities, in light of recent developments in the UK.

The Manager wishes to assure its investors that its portfolio of properties is facing an increase in demand for its office space, which is a counter-cyclical trend to the rest of the market.

The REIT’s primary tenant, the DWP, is actively hiring more staff to work in the REIT’s portfolio, as part of its drive to double the number of Work Coaches countrywide to 27,000. This is due to increased services being provided from the properties by the UK Government to support the economy in times of economic need. The Manager is providing this as a response to the recent news reports of a decrease in demand for CBD office space as employees are required or wish to work from home, due to the COVID-19 pandemic.

Separately, the Manager does not expect a significant business disruption at the properties in the REIT’s portfolio even as the UK Government imposes new restrictions to curb COVID-19 this week.

During the previous lockdown in the UK, the REIT’s Jobcentre Plus locations had remained open to process and disburse benefits to claimants, even as medical assessments, interviews or other face-to-face appointments were discouraged.

Read more here..

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