Starhill Global REIT extends property manager's term
YTL Starhill Global Property will continue to manage properties for a further period of 5 years.
Starhill Global REIT’s manager YTL Starhill Global REIT Management has renewed the appointment of YTL Starhill Global Property Management as the property manager of Starhill Global REIT’s interests in Ngee Ann City and Wisma Atria by five years from 20 September, according to an announcement.
The REIT has entered into property management agreements with its trustee HSBC Institutional Trust Services (Singapore) Limited and YTL Starhill Global Property Management for the renewal.
This is on substantially the same terms and conditions as are contained in the existing Ngee Ann City and Wisma Atria property management agreements both dated 17 August 2005, which will enable seamless continuity in the management of said properties.
YTL Starhill Global REIT Management and YTL Starhill Global Property Management are indirect wholly-owned subsidiaries of YTL Corporation Berhad, a controlling unitholder of Starhill Global REIT.
However, the value of the property management deals, aggregated with all other transactions between Starhill Global REIT and YTL Corporation Berhad or its associates in the current financial year, falls below 3.0% of Starhill Global REIT’s latest audited net tangible assets.