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Directors%u2019 Report114ADVANCING AHEADFees for Development Consultancy Services will be 1.5% of the total construction costs (excluding any land cost but including pre-construction costs and capitalised expenses, but exclusive of VAT) incurred in the development of the projects, and fees for JV Leasing Services will be determined based on the following pricing policy: (i) 1.5% of the headline gross rent or 0.5 month%u2019s to 1.5 months%u2019 headline gross rent (depending on length of the lease) for tenants referred by the Group and (ii) 50% of 3% of the headline gross rent, or 50% of one to two months%u2019 headline gross rent (depending on length of the lease) for tenants jointly referred by the Group and BW (or its subsidiaries). Any additional services to be provided by ESR Vietnam as agreed between the parties will not exceed the fees that would be reasonably charged by a comparable third party service provider (as determined by ESR Vietnam acting in good faith).The annual caps under the Management Agreements are as follows:Period from effective date to 31 Dec 2023Each of FY2024 and FY2025Period from 1 Jan 2026 to the end of the 3-year termESR-NDV Management AgreementUS$212,500US$850,000US$850,000ESR-NSHL Management AgreementUS$247,500US$990,000US$990,000ESR-YP Management AgreementUS$380,000US$1,520,000US$1,520,000For details, please refer to the announcement made by the Company on 20 October 2023. During the year ended 31 December 2024, the transaction amount under the ESR-NDV Management Agreement, the ESR-NSHL Management AgreementandtheESR-YPManagementAgreementisUS$243,999.15,US$241,367.79,US$290,273.50,respectively.BW is indirectly controlled by entities managed or advised by Warburg Pincus LLC or its affiliates and thus it was a connected person of the Company. As each of NDV JV, NSHL Project Company and YP JV is more than 30% controlled by BW (through the relevant BW Investors), NDV JV, NSHL Project Company and YP JV are connected persons of the Company. Accordingly, each of (i) the Leasing Services under the Framework Agreement and (ii) the services under the Management Agreements constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules.Continuing Connected Transactions Under Management Agreements with Joint Venture CompaniesOn 25 April 2024, LOGOS Property Group Limited (a subsidiary of the Company, together with its subsidiaries and affiliates, the %u201cLOGOS Group%u201d) entered into (i) the Singapore JV Management Agreement and the Australia JV Management Agreement (collectively, the %u201cManagement Agreements%u201d) with LOGOS Australia Opportunistic Partnership Pte. Ltd. (%u201cSingapore JV%u201d) and LAOP HoldCo Pty Ltd (%u201cAustralia JV%u201d) (the %u201cJV Companies%u201d) for the provision of certain management services and other services to the JV Companies; and (ii) the Development and Project Management Agreement A and the Development and Project Management Agreement B (the %u201cDevelopment and Project Management Agreements%u201d) with LAOP SPV 3 Pty Ltd (a subsidiary of the Singapore JV) as trustee for the LAOP Altona Trust and LAOP SPV 3 Pty Ltd (a subsidiary of the Singapore JV) as trustee for LAOP Botany Trust (the %u201cOwners%u201d) for the provision of certain development and project management services to the Owners.Each of the Management Agreements and the Development and Project Management Agreements has an initial term of three years commencing on the date of the agreement, unless terminated earlier in accordance with its terms.