Ascott Reit bestows 773,988 property units as manager fees

The CapitaLand Limited’s subsidiary receives the Ascott Reit units for a price of S$1.1919 each, aside from the cash payment of S$922,516.81 as management fees.

Ascott Residence Trust Management Limited, the manager of Ascott Residence Trust (Ascott Reit), said on Wednesday that 773,988 units in Ascott Reit have been issued to the manager at a price of S$1.1919 per unit, according to an announcement from CapitaLand.

The manager said the units were issued as payment of 50% of the Base Fee and Base Performance Fee (as defined in the Trust Deed) of the management fees for the period from 1 April 2010 to 30 June 2010.

The balance of the management fees of S$922,516.81 (excluding applicable goods and services tax) was already paid in cash, said the manager.

After the issuance of units, the company now holds an aggregate of 16,385,856 units.