Rental cut of 40% for many EFKA tenants

Hundreds of shops and offices operating in the center of Athens that lease properties belonging to entities subordinated to the Single Social Security Entity (EFKA), such as social security funds, are expected to secure a 40% rental discount for this winter.

According to a clause included in the Labor and Social Security Ministry bill put up for consultation this week, all properties leased out by e-EFKA will enjoy a 40% rental discount up to the end of March 2021, provided that the business activity code (KAD) is among those listed as hurt by the pandemic.

The list of retail companies hurt by the pandemic is updated every month, based on ministerial decisions issued for that purpose.

This regulation is set to benefit enterprises that could not utilize the measure of the voluntary reduction of the rent by a joint decision with the landlord, even if they were listed as pandemic-stricken, because their landlord was not an individual but a legal entity, such as e-EFKA.

That measure may also constitute a message to potential investors who might utilize EFKA assets.