23 February 2021 - 07:00 By Nqobile Dludla SA s commercial real estate sector - with its collection of high-rise office spaces and huge shopping malls - has been among the country s worst hit by the pandemic, along with travel and tourism. Stock photo. Image: 123RF/Yulia Petrova
Two of SA s prime commercial property owners will extend rental relief to struggling tenants this year, in a sign the affect of Covid-19 is far from over for hard-hit real estate firms, though they see the tide turning at the end of 2021.
Liberty Two Degrees (L2D) and Redefine Properties owners of some prominent commercial real estate in Johannesburg and Cape Town said they would have to provide rental relief for longer.
South Africa's Liberty Two Degrees, which owns malls in prime locations of Johannesburg and Cape Town, said on Monday its full year profit more than halved due to lower rental income and the temporary closure of shops and hotels due to COVID-19.
Liberty Two Degrees sees annual profit slump by over 50% moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.