144
FRASERS HOSPITALITY TRUST ANNUAL REPORT 2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 20 JUNE 2014 (DATE OF CONSTITUTION) TO 30 SEPTEMBER 2015
1.
GENERAL (CONT’D)
(j)
Trustee-Manager fees (cont’d)
(iii) an acquisition fee of 0.5% for acquisitions from Related Parties and 1.0% (or such lower percentage
as may be determined by the Trustee-Manager in its absolute discretion) of all other cases of any
of the following (subject there be no double-counting):
–
the acquisition price of any real estate purchased by FH-BT, whereby directly or indirectly
through one or more SPVs, plus any other payments in addition to the acquisition price
made by FH-BT or its SPVs to the vendor in connection with the purchase of the real estate
(pro-rated if applicable to the proportion of FH-BT’s interest);
–
the equity interest of any vehicle holding directly or indirectly the real estate, 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 FH-BT whether directly or indirectly through one or more SPVs, plus any
other payments made by FH-BT or its SPVs to the vendor in connection with the purchase
of such equity interests (pro-rated if applicable to the proportion of FH-BT’s interest); or
–
the acquisition price of any investment purchased by FH-BT, 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.
(iv) a divestment investment fee of 0.5% for of all other cases of any of the following (subject there be
no double-counting):
–
the sale price of any real estate sold or divested, whether directly or indirectly through one
or more SPVs, by FH-BT, plus any other payments in connection with the sale or divestment
of the real estate (pro-rated if applicable to the proportion of FH-BT’s interest);
–
the underlying value of any real estate which is taken into account when computing the
sale price for the equity interest in any vehicle holding directly or indirectly the real estate,
sold or divested by FH-BT, whether directly or indirectly through one or more SPVs, plus
any other payments received by the FH-BT or its SPVs from the purchaser in connection
with the sale or divestment of such equity interest (pro-rated if applicable to the proportion
of FH-BT’s interest);
–
the sale price of the investment sold or divested by FH-BT, 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 debt securities which are secured whether directly or
indirectly by the rental income from real estate.
The acquisition fee and divestment fee are payable to the Trustee-Manager 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.
