GENERAL NEWS
From the MD’s desk
The time has come
for true symbiotic
relationships
By Sandy Kelly
I guess it would be inappropriate to write about anything that did not refer
to the Covid-19 pandemic, as it is having such a massive impact on our
lives, families and businesses. The point is what to say that has not already
been said and written about by every so-called expert in the world.
What is vitally important for our readers to appreciate is what we have
been doing during this time, what approach we have taken and how
we have coped. In addition, what lessons can be taken home for our
future existence together.
Just as I went out and stocked up on beer a couple of days prior to
lockdown is much the same as we did at Time Projects by adopting the
Boy Scouts motto, ‘Be Prepared’. We got our staff who could work from
home equipped with computers and internet connections, among other
things. So, we have been able to function reasonably successfully during
the lockdown.
Unfortunately, all our development sites have had to stop, so that has
held us up from completing Pinnacle Park and Setlhoa Retail Park, both
of which were a few weeks away from completion. The contractors
are now back on site and are cracking on, so we should be there in a
month or two.
Much of our business is related to and reliant on rental income,
whether it be for ourselves at Time Projects in our properties or for our
associate, PrimeTime, whose properties we manage. There has been
much dialogue in the media with regard to whether tenants should pay
rent even though they may be closed, whether landlords should grant
rental relief, and if so, how much and what banks should be doing with
regard to loan repayments, interest servicing and so on. Lawyers in
every jurisdiction have written about the legalities of lease agreements
and so forth.
The crux of this is – either the tenants can afford to pay the rent, in full, if
they are still open and operating, or in part, even if it is just their service
levy obligations, or they can’t, because they don’t have the cash flow
and could well be out of business already, or by the time the cloud lifts.
The same applies to being able to pay the banks – either they can, or
they cannot! The banks realise this – the last thing they need at this time
is a whole bunch of keys to thousands of properties and businesses
– small and large (thinking Edcon, SAA and Comair). Similarly, those
whose businesses are able to survive by leopard crawling through the
bush – we need to be there for them. As much as they need us, we
need and do want them to make it through.
So where does that leave us? Our philosophy is that we all need
each other more than ever. This brings us to the true meaning of a
‘symbiotic relationship’. It does not matter what the legal terms are in
the agreements – now is the time for true spirit of co-operation and
co-existence to shine through. It applies to us as landlords, those who
are tenants and our funders, banks, and institutions alike. That is the
approach we are taking and, hopefully, to reuse my earlier word, when
the cloud lifts, we are all still there to receive the blessings of the sun’s
rays so we can flourish.
ABOUT TIME, the quarterly
newsletter of Time Projects
Editor: Brett Marlin
Managing editor: Faye-Marie Cloete
Email: [email protected]
Cell: +267 7137 6232
Contributors: Sandy Kelly, Brett Marlin, Heinrich
Malan, John Kelly
Tel: +267 395 6080 | Fax: +267 390 0160 | Email: [email protected] | Website: www.time.co.bw
ABOUT TIME is published on behalf of Time Projects by Nova Communications (Pty) Ltd.
The opinions expressed in this newsletter are those of the authors and people interviewed and do not necessarily reflect the views of the editor, publisher or Time Projects. While all
precautions have been taken to ensure accuracy of information, the editors and publisher cannot accept responsibility for any inaccuracies which may inadvertently have occurred.
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ISSUE 42 - JUNE 2020