Disclosure
On Fees
Fees payable by PLife REIT
Amount payable to the Manager
2 Fee for acquisition of properties
(continued)
Unless required under the Property Funds Appendix to be paid in the
form of Units only, the Manager may opt to receive such Acquisition
Fee in the form of cash or Units or a combination of cash and Units as
it may determine. Units representing the Acquisition Fee or any part
thereof will be issued at an issue price on a similar basis as that for
the management fee.
In the event the Manager receives Acquisition Fee in connection with
a transaction with a related party, any such Acquisition Fee shall be
paid in the form of Units.
3 Fee for divestment of properties
Divestment Fee
0.5% of the Enterprise Value of any real estate or real estate related
asset sold or divested directly or indirectly by PLife REIT, pro-rated, if
applicable, to the proportion of PLife REIT’s interest.
Unless required under the Property Funds Appendix to be paid in the
form of Units only, the Manager may opt to receive such Divestment
Fee in the form of cash or Units or a combination of cash and Units
as it may determine. Units representing the Divestment Fee or any
part thereof will be issued at an issue price on a similar basis as that
for the management fee.
Any payment to third party agents or brokers in connection with the
divestment of any real estate or real estate related assets of PLife
REIT shall be paid by PLife REIT.
In the event the Manager receives Divestment Fee in connection with
a transaction with a related party, any such Divestment Fee shall be
paid in the form of Units.
4 Fee for lease management
Lease Management Fee
1.0% per annum of the revenue of the real estate held directly or
indirectly by PLife REIT and managed by the Manager (excluding
the Hospital Properties for the duration of the master lease
arrangements). “
Hospital Properties
” shall mean the three private
hospitals in Singapore owned by PLife REIT, comprising The Mount
Elizabeth Hospital Property, The Gleneagles Hospital Property and
The Parkway East Hospital Property.
For the avoidance of doubt, no Lease Management Fee shall be
payable to the Manager in respect of the Hospital Properties for the
duration of the master lease agreements.
5 Fee for marketing services
Marketing Services Commission
(i) One month’s gross rent inclusive of service charge, for securing a
lease of three years or less;
(ii) Two months’ gross rent inclusive of service charge, for securing a
lease of more than three years;
(iii) Half month’s gross rent inclusive of service charge, for securing a
renewal of lease of three years or less; and
(iv) One month’s gross rent inclusive of service charge, for securing a
renewal of lease of more than three years.
ParkwayLife REIT
Annual Report 2015
70
