Project update

Update from the originator:

As you might remember, some time ago the originator made a survey to decide together what solution would be the best for Restaurant and wine boutique commercial space in Kadriors tenant's request.

The results showed, that 63% of originator's investors voted to give the tenant a 50% discount on rent for the period of 2 months. It means that starting from this month, for the period of 2 months, Your monthly payout will be 50% lower. 

Update from the originator:

• The tenant is restaurant Radio, they were doing well in Q4 and there have not been any issues with rental payments.
• The postponed rental payment from the 2020 Q2 pandemic lock dock has not been paid yet, since the situation is not stable yet and the originator is giving the tenant some additional time.
• All the documents have been submitted to the City Hall to change the legal status of this property.
• The new appraisal report will be made, once the legal status of the property is changed to commercial space (notarial obligation of the previous owner), which the originator expects to happen in Q1 2021.
• The new appraisal report will change the shares book value.

2020 Q2

• This property has a tenant who suffered from the COVID19 lockdown. The restaurant was partially closed in April and could only offer “takeaways”. They opened doors again in mid-May. Therefore Reinvest24 accepted their request to postpone some part of April and May rental payments to the second part of the year. This will not have any negative effects on the total rental income in 2020.
• The new appraisal report is planned for the second part of 2020. The new appraisal report will be made, once the purpose of the property is changed to commercial space (notarial obligation of the previous owner).

An update regarding April-May rental payouts from restaurant property: The tenant of this property was suffering from the COVID19 lockdown. In April they were opened partially and could only offer "take-aways". The situation for them got a lot better in the second part of May. To help them in these difficult times, Reinvest24 has agreed to postpone some part of the rental payments to the second part of the year: April payout 28,5% May payout 83,3% The missing rental income for those payouts will follow in the second part of 2020. By the end of the year, the rental yield will not be affected.