Karachi May 6 2022: Dolmen City REIT’s (DCR) real estate has witnessed consistent occupancy levels since inception in 2015 with occupancy at the end of March 2022 was 94.80%, according to information shared at its website.
“Going forward, rental escalations coupled with optimal occupancy would be the prime revenue driver for the Mall.” says Chief Executive Officer Mr Muhammad Ejaz
While waivers / deferment of escalations in rent resulted in lower growth of rental Income, we view this as a long-term strategic measure to strengthen our partnership with tenants and envision robust performance going forward. The payoff of this investment in tenant retention has been the substantial reduction in the monthly rent waivers and new tenants coming in including Sohaye, Lulusar, Tesoro, Unze London, Diesel, and Malak among others.
DCR tenancy strategy is focused on encouraging footfall and retail spending through selecting tenants that help each other increase sales by creating shopping / purchasing synergies resulting in higher overall sales volumes from mall operations. Space for new tenants was created by outgoing large tenants including Debenhams, Hobo, Accessories and Monsoon, Sensation, Thredz and others. The vacant space is now utilized for new tenants resulting in a better and more diverse consumer buying experience.
