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NOTES TO THE FINANCIAL STATEMENTS
C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
1.
General (Cont’d)
(C)
Acquisition and disposal fees
The Manager is also entitled to receive the following fees:
(i)
An acquisition fee of 1.0% of each of the following as is applicable, subject to there being no
double-counting:
(a)
the purchase price, excluding GST, of any real estate acquired, whether directly by CIT or
indirectly through a special purpose vehicle;
(b)
the value of any underlying real estate (pro-rata, if applicable, to the proportion of CIT’s
interest in such real estate) where CIT invests in any class of real estate related assets,
including any class of equity, equity-linked securities and/or securities issued in real estate
securitisation, of any entity directly or indirectly owning or acquiring such real estate,
provided that:
•
CIT shall hold or invest in at least 50% of the equity of such entity; or
•
if CIT holds or invests in 30% or more but less than 50% of the equity of such entity,
CIT shall have management control of the underlying real estate and/or such entity;
(c)
the value of any shareholder’s loan extended by CIT to the entity referred to in paragraph
(b) above, provided that the provison in paragraph (b) is complied with; and
(d)
the value of any investment by CIT in any loan extended to, or in debt securities of, any
property corporation or other special purpose vehicle owning or acquiring real estate,
(where such investment does not fall within the ambit of paragraph (b)) made with the prior
consent of the Unitholders passed by ordinary resolution at a meeting of Unitholders duly
convened and held in accordance with the provisions of the Trust Deed.
(ii)
A disposal fee of 0.5% of each of the following as is applicable, subject to there being no
double-counting:
(a)
the sale price, excluding GST, of any investment of the type referred to in paragraph (C)(i)(a)
above for the acquisition fee;
(b)
in relation to an investment of the type referred to in paragraph (C)(i)(b) above for the
acquisition fee, the value of any underlying real estate (pro-rata, if applicable, to the
proportion of CIT’s interest in such real estate);
(c)
the proceeds of sale, repayment or (as the case may be) redemption of an investment in a
loan referred to in paragraph (C)(i)(c) above for the acquisition fee; and
(d)
the value of an investment referred to in paragraph (C)(i)(d) above for the acquisition fee.
The Manager can opt to receive acquisition and disposal fees in the form of cash or Units or a
combination as it may determine.
