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Fortune Real Estate Investment Trust Announces Base Fee Unit Payment to Manager

Strategic Insights

— 1 min read

Fortune Real Estate Investment Trust announced that the Manager received an aggregate of 5,304,502 Base Fee Units in Hong Kong at a price of HK$4.418 per Unit and HK$5,858,823 in cash as payment for the Base Fee component of its management fees for the period from 1 July 2024 to 30 September 2024. The payment is in accordance with the Trust Deed and does not require prior approval of unitholders. The Manager now holds 62,790,265 Units, representing approximately 3.09% of the 2,032,611,195 Units in issue.

Key Takeaways:

  • Fortune Real Estate Investment Trust has paid the Base Fee component of its management fees for the period from 1 July 2024 to 30 September 2024 in the amount of HK$29,294,116 to the Manager.
  • The payment consists of an aggregate of 5,304,502 Base Fee Units in Hong Kong at a price of HK$4.418 per Unit and HK$5,858,823 in cash.
  • The Manager received the Base Fee payment in accordance with the terms of the Trust Deed, which does not require specific prior approval of unitholders pursuant to 12.6 of the REIT Code.
  • The Manager now holds 62,790,265 Units, representing approximately 3.09% of the 2,032,611,195 Units in issue.
  • The Base Fee is payable quarterly in arrears to the Manager, who has elected to receive 20% in cash and 80% in Units.
  • The Trust Deed requires the Manager to receive Base Fee Units at the prevailing market price on the HK Stock Exchange at the time of issue.

Statistics:

  • 5,304,502 Base Fee Units were issued to the Manager as payment for the Base Fee component.
  • The Base Fee payment consists of HK$29,294,116.
  • The Manager holds 62,790,265 Units, representing approximately 3.09% of the total Units in issue.
  • The Base Fee is payable quarterly in arrears to the Manager.
  • The Manager has elected to receive 20% of the Base Fee in cash and 80% in Units.

Sources:

  • Fortune Real Estate Investment Trust press release, dated 10 October 2024, available at https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1010/2024101000403.pdf.

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