Annual Report 2025 139 Notes to the Financial Statements 31 December 2025 1.7 Fees under the asset and lease management agreements (for the United Kingdom / Europe (the “UK / Europe”) properties) The Group appointed CapitaLand International Management (UK) Ltd (“Europe Asset Manager”) as the asset manager to provide certain asset management, lease management and project management services in respect of the properties located in the UK / Europe, including the properties, held (whether directly or indirectly) by CLAR from time to time and may nominate other individual asset managers to carry out the asset and lease management services, subject to the overall management of the Manager. (i) Asset management fees The Group will pay the Europe Asset Manager an asset management fee not exceeding 0.3% per annum of the UK/Europe Adjusted Deposited Property (excluding right-of-use assets) for which the asset management services are provided. The payment of asset management fee will reduce the base management fees payable to the Manager described under 1.2 (i) such that there is no double counting of the payment of the asset management fees and the payment of base management fees to the Manager. (ii) Lease management fees The Group will pay the Europe Asset Manager a fee of 1.0% per annum of the adjusted gross revenue of such UK/Europe Properties for which lease management services are provided. (iii) Project management fees The Group will pay the Europe Asset Manager the following fees for development, re-development, routine refurbishment, retrofitting and renovation works to a UK/Europe property where submission to the relevant authorities for the approval of such works is required. • a fee of 3.00% of the construction costs, where the construction costs are £2.0 million or less; • a fee of 2.15% of the construction costs, where the construction costs exceed £2.0 million but do not exceed £12.0 million; • a fee of 1.45% of the construction costs, where the construction costs exceed £12.0 million but do not exceed £40.0 million; • a fee of 1.40% of the construction costs, where the construction costs exceed £40.0 million but do not exceed £70.0 million; • a fee of 1.35% of the construction costs, where the construction costs exceed £70.0 million but do not exceed £100.0 million; and • a fee to be mutually agreed by the parties but not exceeding 1.35% of the construction costs, where the construction costs exceed £100.0 million. 1. General (continued)
RkJQdWJsaXNoZXIy NTM2MDQ5