INSTITUTIONAL LANDLORDS of commercial properties are negotiating with their tenants, according to the Irish Association of Investment Managers (IAIM), which represents institutional investors.

IAIM chief executive Frank O’Dwyer said that, based on a survey of seven of its members who own significant commercial property holdings in Ireland, 22 per cent of tenants had sought concessions on their rent agreements. Of these, three-quarters had opened up their books to their landlords, with concessions on rent offered to 78 per cent.

In the case of retail tenants, 33 per cent had sought concessions, with concessions offered to 77 per cent of those that provided accounts to their landlord, the association said. Offers were accepted in the majority of cases, the IAIM claimed. It did not give details of concessions.

The institutions included were Bank of Ireland Asset Management, AIB Investment Managers, Iput, Canada Life, Aviva, Irish Life Investment Managers and FC.