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To curb the negative effects of the crown crisis, the government recently decided to invest SEK 5 billion in rental subsidies for, among other business ventures. The idea was that the support package would have a quick effect, but due to uncertainties in how the rules would be interpreted, it delayed some rents. The weak start irritated Svensk Handel, who wanted to see faster action from industry organization Real Estate Owners. The owners, in turn, thought it was unreasonable to cut rents without further details.
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“Important details are missing”
Finally, it became clear that the government needed EU authorizations to clarify what was happening, which also continued over time.
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But now there seems to be a glow on the way. According to the owners, 3,200 rent reduction agreements have now been signed. Work has taken off since the organization just over a week ago devised a contract template that could be used to sign deals. According to the owners, Swedish Managing Director Reinhold Lennebo, the contract template became possible after their organization received clarifications from, among others, the Swedish Housing Agency and various county administrative boards.
The rules of government regulation were quickly established and important details were missing. There were a lot of ambiguities at the beginning, he tells Ehandel.
“A secret”
According to Lennebo, uncertainties include things like what is meant by fixed income, what period of time would the compensation model refer to and whether, as the owner, they would be given a discount on condition that they could receive state support . Those parts have now been rectified, and thus the owners have been able to give their members what Reinhold Lennebo describes as a “useful” contract template.
Do you know how many of the 3,200 trade related deals?
Better yet, I don’t know. After all, it is a secret between the owner and the tenant. But I know there are some major players in this and that they often have a mix of companies among their tenants, says Reinhold Lennebo.
Since the rental subsidy was introduced, the government has presented another crisis package to support companies. It is worth SEK 39 billion and is intended, among other things, to support companies’ rental costs. Neither the owners nor Svensk Handel say they have received exact information on how the two packages will work together. Ehandel has sought Swedish Trade for a comment on the 3,200 deals.
ALSO READ: The new government crisis package: 39 billion in sales
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