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Custodian REIT renews IMA but on amended terms

02 June 2017 07:58

Custodian REIT has renewed its investment management agreement with its external discretionary fund manager, Custodian Capital Limited, a subsidiary of Mattioli Woods, but on amended terms.

It said that in light of the positive performance of the company since admission to trading on the London Stock Exchange in 2014, the board had agreed a further three-year term with 12 months' notice to the investment manager's ongoing engagement, from 1 June 2017, but fees had been amended to include:

- A step down in the property management fee from 0.75% to 0.65% of net asset value applied to NAV in excess of £500m

- A step down in the administrative fee from 0.125% to 0.08% of NAV applied to NAV between £200m and £500m and a further step down to 0.05% of NAV applied to NAV in excess of £500m All other key terms of the IMA remain unchanged.

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Related Company: CREI

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