FRASERS HOSPITALITY TRUST ANNUAL REPORT 2015
141
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 20 JUNE 2014 (DATE OF CONSTITUTION) TO 30 SEPTEMBER 2015
1.
GENERAL (CONT’D)
(a)(ii) Acquisition fee and divestment fee payable to the REIT Manager (cont’d)
(iii)
the sale price of the investment sold or divested by FH-REIT, whether directly or indirectly
through one or more SPVs, in any debt securities of any property corporation or other SPV
owning or acquiring real estate or any debt securities which are secured whether directly
or indirectly by the rental income from real estate.
The REIT Manager may elect to receive the acquisition fee and divestment fee in the form of cash and/or
Stapled Securities provided that in respect of any acquisition and sale or divestment of real estate assets
from/to related parties, such a fee should be in the form of Stapled Securities.
(b)(i) Managed Investment Trust (“MIT”) Manager’s management fees
Pursuant to the Investment Management Agreements for MIT Australia and each underlying MIT Sub-
Trust, the MIT Manager is entitled to a management fee comprising a Base Fee of 0.3% per annum of the
total value of MIT Australia’s trust property and a Performance Fee of 5.5% of MIT Australia’s aggregate
earnings before interest, taxes, depreciation and amortisation in the relevant financial year.
There is no double-counting of management fees under the Investment Management Agreements.
(ii)
Acquisition fee and divestment fee payable to the MIT Manager
In consideration for MIT Manager providing services under each of the Investment Management
Agreements in connection with MIT Australia and the underlying sub-trusts, the MIT Manager will be
entitled to:
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(i)
the acquisition price of any real estate purchased by MIT Australia whether directly or
indirectly through one or more special purpose vehicles, plus any other payments in
addition to the acquisition price made by MIT Australia or a special purpose vehicle to the
vendor in connection with the purchase of the real estate (pro-rated, if applicable, to the
proportion of MIT Australia’s interest);
(ii)
the underlying value of any real estate which is taken into account when computing the
acquisition price payable for the equity interests of any vehicle holding directly or indirectly
the real estate purchased by MIT Australia whether directly or indirectly through one or
more special purpose vehicles, plus any other payments made by MIT Australia or a special
purpose vehicle to the vendor in connection with the purchase of such equity interests
(prorated, if applicable, to the proportion of MIT Australia’s interest); or
(iii)
the acquisition price of any investment purchased by MIT Australia, whether directly or
indirectly through one or more special purpose vehicles, in any debt securities of any
property corporation or other special purpose vehicle owning or acquiring real estate or
any debt securities which are secured whether directly or indirectly by the rental income
from real estate;
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(i)
the sale price of any real estate sold or divested by MIT Australia whether directly or indirectly
through one or more special purpose vehicles, plus any other payments in addition to the
sale price received by MIT Australia or a special purpose vehicle from the purchaser in
connection with the sale or divestment of the property (pro-rated, if applicable, to the
proportion of MIT Australia’s interest);
(ii)
the underlying value of any real estate which is taken into account when computing the
sale price for the equity interests in any vehicle holding directly or indirectly the real estate,
sold or divested by MIT Australia, whether directly or indirectly through one or more special
purpose vehicles, plus any other payments received by MIT Australia or its special purpose
vehicles from the purchases in connection with the sale or divestment of such equity
interests (pro-rated, if applicable, to the proportion of the MIT Australia’s interest); or
