Trincity Mall and Long Circular Mall are set to be sold.
According to a report in Express Business, liquidators for CL Financial have started a process to sell the two malls, which are the last retail spaces owned by CL Financial subsidiary Home Construction Ltd.
Together, the two malls comprise about 650,000 square feet of retail space and house about 400 stores, inclusive of kiosks.
According to the report, before the onset of the Covid-19 pandemic lockdown in March, the occupancy rate at Long Circular Mall was between 75 and 85 per cent, while Trincity Mall was between 80 and 90 per cent.
However, occupancy levels at both malls have declined substantially as a result of the lockdown in April and May and the current health restrictions aimed at stopping gatherings of more than five people.
The joint liquidators have procured a valuation for the properties, hired a manager for the process and issued a Request for Proposals to some of the country’s top commercial property landowners.