To date, $11 million of the federal government’s CECRA (Canada Emergency Commercial Rent Assistance) program has been distributed in Manitoba. To qualify for CECRA, businesses must show that their business revenue has decreased by at least 70%. Businesses can only access the program if their landlords are willing to participate. These conditions can cause significant stress for businesses that do not qualify. If a business lost 50 percent of their revenue, they would not qualify for the government assistance and may end up having to close permanently unless their landlord is willing to help.
The Shindico portfolio accounts for approximately ten percent of Manitoba’s CECRA program participation. Since the pandemic began earlier this year, Shindico has deferred over $1.4 million in commercial rent and forgiven (abated) over $1.6 million in commercial rent within the CECRA program. Our motto is Succeeding by Helping Others Succeed and we believe strongly that we need to work with our tenants in this unprecedented time. If a business was thriving before, it is paramount that we help where we can, to ensure that they succeed in the future.
Since 1975, Shindico has been a market leader in commercial real estate and investment management in Canada, providing full service to owners and occupiers of retail, office, industrial and multi-residential property. We are proud of our asset management top performance and industry-leading brokerage, development, property management and tenant representation teams. Our in-house capabilities allow us to draw upon the diversity of skills and talents needed to excel at managing your assets.
We are proud affiliates of CORFAC International, an alliance comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services.
Our retail division and team are members of the Retail Brokers Network (RBN). Founded in 1992, RBN is a retail networking group whose members specialize in Retail Real Estate Brokerage. Our independent firms work together on a regional, national, and even the international level in all areas of commercial real estate including: tenant representation, investment sales, and project leasing.
For further information please contact:
Sandy Shindleman, CCIM, SIOR, CRE, FRICS
Shindico Realty Inc.