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100
ADDITIONAL
INFORMATION
Related party transactions between MMP REIT and related parties
Name of Related Party
Aggregate value of all
related party transactions
during the financial year
under review (excluding
transactions less than
S$100,000)
2007
2006
$’000
$’000
Macquarie Pacific Star Prime REIT Management Limited
Management fees
(1)
8,752
6,549
Rental income
294
294
Acquisition fee income
(2)
1,806
–
Macquarie Pacific Star Property Management Pte Ltd
Property management fees and reimbursements
3,701
3,467
Lease commission fees
798
466
Rental income
413
413
MWA Pte Ltd
(3)
Rental income
2,187
2,188
Food Art Pte Ltd
(4)
Rental income
163
325
(1) The Manager has opted to receive, for the years ended 31 December 2007 and 31 December 2006, 60.0% of the Base Fee in respect of the
Singapore properties in the form of units with the balance in cash. In respect of the period from 1 January 2007 to 31 March 2007, a total of
907,893 units of MMP REIT at $1.2427* were issued to the Manager on 24 April 2007. In respect of the period from 1 April 2007 to
30 June 2007, a total of 996,371 units at $1.2318* were issued to the Manager on 30 July 2007. In respect of the period from 1 July 2007 to
30 September 2007, a total of 1,048,945 units at $1.1803* were issued to the Manager on 31 October 2007. In respect of 1 October 2007 to
31 December 2007, a total of 1,313,630 units at $1.0051* were issued to the Manager on 31 January 2008.
*
Based on the volume weighted average price for a MMP REIT unit for all trades on the SGX–ST in the ordinary course of trading on
the SGX–ST for the last 10 business days immediately preceding the date of issue of the units.
(2) Comprises acquisition fees paid to the Manager between 0.6% to 1% of the purchase prices of the Japanese and Chinese acquisitions during
the year ended 31 December 2007.
(3) MWA Pte Ltd is 50% owned by Ristorante Pte Ltd (a wholly–owned subsidiary of Investmore Enterprises Ltd), and 50% owned by Megabite
(S) Pte Ltd (“Megabite”), which is not a related party of the Manager. Investmore Enterprises Ltd is a 25% indirect shareholder of the
Manager and the Property Manager. With the disposal of Ristorante Pte Ltd’s 50% shareholding in MWA Pte Ltd to Megabite on
18 December 2007, MWA Pte Ltd has become a wholly–owned subsidiary of Megabite, and ceased to be a related party of MMP REIT on
the same date.
(4) Food Art Pte Ltd is a wholly–owned subsidiary of MWA Pte Ltd.