EHL neither owns the Superpharm chain nor does it operate any of the Superpharm stores. The Superpharm chain is owned by Agostini Ltd, a publicly listed Trinidad and Tobago company.
EHL is the landlord to four properties located in the Gulfview, Valsayn, Chaguanas and Westmoorings regions which are each tenanted by Superpharm Limited (‘Superpharm’).
Each of the four properties is in a strategic location which affords good visibility and access. Further, the properties serve densely populated catchment areas. They are also in close proximity to large retail centers/malls.
Each Superpharm lease contains contractual escalations of the rent payable under the respective leases, initially by 11% every three (3) years and, thereafter by 12.5% every three (3) years.
Two of the locations, namely Valsayn and Westmoorings, are occupied solely by Superpharm; the other locations each have secondary tenants. At the Chaguanas property, Rituals Coffee Shop occupies 16% of total rentable space while at the Gulf View location, First Citizens Bank Limited occupies 62.3% of the rentable space. The lease rate for this secondary tenant of the Gulf View branch will escalate by 10% every three years.