Pacific Industrial & Logistics REIT plc
("Pacific Industrial & Logistics" or the "Company")
Posting of Report & Accounts and Annual Expense Cap
Pacific Industrial & Logistics, a REIT focused on smaller industrial and logistics properties, is pleased to announce its Annual Report & Accounts for the period ended 31 March 2017 will be sent to shareholders on 12 June 2017 and will be made available today on the Company's website (pacificil.com).
Annual Expense Cap
The Company remains confident in its strategy of investing in smaller industrial and logistics properties around the UK. However, the ability of the Company to grow to a scale commensurate with its ambition, and within its prudent approach to gearing, is presently constrained by its access to capital. This in turn impacts its costs as a percentage of total assets. Following discussions between the Board and the Manager it has been agreed that the annual total running costs of the Group (excluding finance charges, performance fees, long-term incentive plan charges and direct property costs) will be capped at £650,000 per annum until there is a fundraising or other such capital event, including for the current financial year.
The interim capped fee arrangement is an amendment to the existing Management Agreement between the Company and the Manager and accordingly is considered a related party transaction under the AIM Rules. The independent Directors of the Company consider, having consulted with the Company's Nominated Adviser, Canaccord Genuity, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
As the Company continues to build its institutional investor base and target scale, longer term management fee and incentive arrangements will be kept under review.
For further information regarding Pacific Industrial & Logistics REIT plc please call:
Pacific Industrial & Logistics REIT Plc
+44 (0) 207 591 1600
Canaccord Genuity Limited
+44 (0) 20 7523 8350
This information is provided by RNS