Examples of French Master Lease in a sentence
No person is proposed to be appointed as a director of the Manager as a result of the Renewed French Master Lease Agreements or any other transactions contemplated in relation to the Renewed French Master Lease Agreements.
The table below sets out the pro forma financial effects of the Renewed French Master Lease Agreements on the consolidated NAV as at 31 December 2016, as if the Existing French Master Lease Agreements were renewed on 31 December 2016.
After taking into consideration the Independent Consultant Report and the rationale for the Renewed French Master Lease Agreements as set out above, the Audit Committee of the Manager is of the view that the Renewed French Master Lease Agreements are on normal commercial terms and are not prejudicial to the interests of Ascott REIT and its minority unitholders.
But the kingly man let fly an arrow at that instant, and the quivering feathered butt sprang to the nipple of his breast as the barb stuck in his liver.
Correspondingly, the French Master Lessee has the right to issue a notice of termination to the relevant French Property Holding Company to terminate the Renewed French Master Lease Agreement at the end of that three-year period.
The table below sets out the pro forma financial effects of the Renewed French Master Lease Agreements on Ascott REIT’s DPU for FY2016, as if the Existing French Master Lease Agreements were renewed on 1 January 2016.
Accordingly, for the purposes of Chapter 9 of the Listing Manual and Paragraph 5 of the Property Funds Appendix, the French Master Lessee is an Interested Person3 and an Interested Party4 of Ascott REIT.As such, the entries into the Renewed French Master Lease Agreements constitute Interested Person Transactions under Chapter 9 of the Listing Manual and/or Interested Party Transactions under Paragraph 5 of the Property Funds Appendix.TAL is a wholly owned subsidiary of CapitaLand Limited.
The Existing French Master Lease Agreements have been entered into between the French Property Holding Companies and Citadines SA (the “French Master Lessee”), which is a wholly owned subsidiary of The Ascott Limited (“TAL”).
As at the date of this announcement, save for the Renewed French Master Lease Agreements, the value of all interested person transactions entered into between Ascott REIT and CapitaLand Limited and its subsidiaries and associates during the course of the current financial year ending 31 December 2017 is approximately S$62.9 million (which is approximately 2.9% of the net tangible assets (“ NTA”) and NAV of Ascott REIT as at 31 December 2016).
For the avoidance of doubt, this does not include the effects of the Proposed French Master Lease Renewals.