/ 1 5 2
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
24.
Related parties
For the purposes of these financial statements, parties are considered to be related to the Group if the Manager
or the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the
party in making financial and operating decisions, or vice versa, or where the Manager and the party are subject
to common significant influence. Related parties may be individuals or other entities.
Other than as disclosed elsewhere in the financial statements, there were the following significant related party
transactions carried out in the normal course of business on terms agreed between the parties:
Group and Trust
2015
2014
$’000
$’000
Cambridge Industrial Trust Management Limited
(the Manager)
Management fees paid and payable
– in cash
4,450
4,210
– in units
2,665
2,358
Performance fees paid and payable
–
1,684
Acquisition fee paid
– in cash
162
1,408
– in units
60
–
Disposal fee paid
–
39
Cambridge Industrial Property Management Pte. Ltd.
(Subsidiary of immediate holding company of the Manager)
Property manager’s fees paid and payable
3,282
2,962
Lease marketing services commission paid and payable
1,803
3,210
Project management fees paid and payable
137
813
RBC Investor Services Trust Singapore Limited
(the Trustee)
Trustee fees paid and payable
385
364
National Australia Bank Limited
(Related company of the Manager) (Note 1)
Loan disbursed
13,125
14,185
Loan repaid
88,125
18,750
Loan transaction costs paid and payable
20
22
Commitment fee paid and payable
74
89
Interest paid and payable
3,753
4,628
Hedging costs paid/payable on partial unwinding of interest rate swaps
175
–
Oxley Projects Pte. Ltd.
(Related company of the Manager) (Note 2)
Acquisition of remaining 40% partnership interest in Cambridge SPV1 LLP
10,967
–
Note 1:
National Australia Bank Limited (“NAB”), which is the ultimate holding company of nabInvest
Capital Partners Pty Limited (“nabInvest Capital”) in Australia, is related to the Manager by virtue
of nabInvest Capital’s indirect equity interest of 56% in the Manager.
Note 2:
Oxley Projects Pte. Ltd., which is a subsidiary of the Oxley Global Limited, is related to the Manager
by virtue of Oxley Global’s indirect equity interest of 24% in the Manager.
