Swicorp Wabel REIT Fund unitholders to vote on terms and conditions changes on March 10

Swicorp Company, the fund manager of Swicorp Wabel REIT Fund, invited unitholders to vote, on March 10, 2021, on the proposed fundamental changes to the fund’s terms and conditions.

These changes are as follows:

1) Agreeing to add real estate brokerage fees for a maximum of 2.5% of any real estate investment acquired.

2) Removing the cap of 17% for operating expenses respectively, on the current property management agreement effective retroactively from Jan. 1, 2020.

3) Allowing property management fee to be a maximum of 10% of the total annual revenue of the real estate assets for managing, leasing, and collecting on behalf of the fund.

4) Voting on updating the terms and conditions that reflected the above-mentioned changes and adding definitions and other clarifications for fees and fees calculation table.

The fund manager said that these changes will allow the fund to hire a competent property manager that may possibly lead to the increase in revenue, diversification of revenue sources, possibly reduce operating costs and improve the overall performance of the real estate portfolio.

Moreover, these steps will support dividend distribution and possibly decreasing portfolio risks.

In addition, the fund manager said that adding real estate brokerage fee will help access good opportunities in the property sector.