First REIT Extends Further Two Months Of Rental Relief To Tenants In Indonesia

October 26, 2020 – First REIT Management Limited, as manager of First Real Estate Investment Trust announced that it has granted another two months of rental relief for September and October.

Taking into consideration the continuing significant impact of the COVID-19 pandemic to the revenues of First REIT’s assets in Indonesia, First REIT’s tenants in Indonesia will be granted a further rental relief of two months amounting to S$18.9 million for the months of September 2020 and October 2020.

Amidst the prolonged challenging operating environment in Indonesia, this further rental relief is intended to tide First REIT’s tenants in Indonesia through the second half of the year.

The continuing impact of the COVID-19 pandemic varies across different countries. In Singapore and South Korea where several of First REIT’s healthcare assets are located, the COVID-19 situation has largely stabilized as compared to the first half of the year. In contrast, COVID-19 cases in Indonesia continue to escalate with the country recording the highest number of monthly cases in September 2020 which was a 69 percent rise from the previous month. 

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