BHG Retail REIT Enter Into Two New Individual Property Management Agreements
December 1, 2020 – BHG Retail REIT announce that BHG Mall (Singapore) Property Management Pte. Ltd. entered into the individual property management agreements (IPMAS) for Chengdu Konggang and Hefei Mengchenglu.
The New IPMAs were negotiated on arms’ length basis and freely entered into. Benchmark analysis on the fees of the New IPMAs were undertaken by the Manager, and the Manager found the New IPMAs to be comparable to the fees under property management agreements in the S-REIT market.
It should also be noted that the fees charged by the Property Manager pursuant to the New IPMAs remain unchanged as compared to the IPO Agreements.
The initial term of each of the New IPMAs shall commence on 11 December 2020 , and shall expire on the earlier of midnight of the date immediately preceding the first anniversary of the Commencement Date and midnight of the date of termination of the relevant New IPMAs.
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