SEO Version
ANNUAL REPORT 2011
(subject to a minimum sum of $25,000 per month), excluding out-of-pocket expenses and go
The actual fee payable will be determined between the Manager and the Trustee from time to t
also paid a one-time inception fee of $40,000.
(d)
Acquisition fees
Pursuant to the Trust Deed, the Manager is entitled to acquisition fees of 1.0% (or such lower
determined by the Manager) of each of the following:
•
the acquisition price of any real estate purchased, whether directly or indirectly through one
•
the underlying value of any real estate which is taken into account when computing the a
for the equity interests of any holding directly or indirectly the real estate, purchased whe
through one or more SPVs, by the Trust; and
•
the acquisition price of any investment purchased by the Trust, whether directly or in
more SPVs, in any debt securities in any property corporation or other SPV owning or
any debt securities which are secured directly or indirectly by the rental income from re
The Manager may, at its sole discretion, elect to receive the acquisition fee in cash or Units or
and Units. Under the Property Funds Appendix of the Collective Investment Scheme code i
Authority of Singapore (“Property Funds Appendix”), in respect of any acquisition of real estat
parties, such a fee should be in the form of Units issued by the Trust at prevailing market pric
not be sold within one year from the date of their issuance.
(e)
Divestment fees
Pursuant to the Trust Deed, the Manager is entitled to divestment fees of 0.5% (or such lower
determined by the Manager) of each of the following:
•
the sale price of real estate sold or divested, whether directly or indirectly through one o
Vehicles (“SPV”) by the Trust;
•
the underlying value of any real estate which is taken into account when computing the
interests of any holding directly or indirectly the real estate, divested whether directly or i
more SPVs, by the Trust; and
•
the sale price of any investment sold by the Trust, whether directly or indirectly through o
debt securities in any property corporation or other SPV owning or acquiring real estat
which are secured directly or indirectly by the rental income from real estate.
The Manager may, at its sole discretion, elect to receive the divestment fee in cash or Units o
and Units. Under the Property Funds Appendix, in respect of any divestment of real estate
parties, such a fee should be in the form of Units issued by the Trust at prevailing market pric
not be sold within one year from the date of their issuance.
Sabana AR 2011 Financial V9.indd 77
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