Hektar REIT in survival, recovery mode for rest of FY20

PETALING JAYA (June 29): Hektar Real Estate Investment Trust (REIT) said it is in “survival plus recovery” mode for the rest of the financial year ending Dec 31, 2020 (FY20) as the group contends with the impact of Malaysia's movement control order (MCO) to curb the Covid-19 pandemic.

Hektar Asset Management Sdn Bhd executive director and chief executive officer Datuk Hisham Othman, speaking on behalf of the REIT's manager, said the REIT’s priority is to ensure that its cash flow is maintained, which involves tenants being able to continue operating at its malls.

“At the same time, as more people return to malls and hopefully spend more, we can increase our tenants' sales and hence their ability to pay their rents. So it is survival mode plus recovery mode, if you like, for the balance of this year,” Hisham said during a press conference held after Hektar REIT's virtual annual general meeting today.

According to Hektar REIT’s website, its portfolio comprises six established neighbourhood-focused shopping centres across Peninsular Malaysia.

Hektar REIT owns the Subang Parade shopping mall in Selangor and Mahkota Parade in Melaka.

In Johor, Hektar REIT owns Wetex Parade and Segamat Central, while its Kedah portfolio comprises Central Square and Kulim Central.

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