169
ANNUAL REPORT 2014
RELATED PARTY TRANSACTIONS*
Related Party Transactions pursuant to the Listing Manual of Singapore Exchange Securities Trading Limited, Property
Funds Appendix and Business Trusts Act respectively are listed below:
Aggregate value of all
Related Party Transactions
for the financial year
under review
Name of Related Parties
(excluding transactions less than $100,000)
Republic Hotels & Resorts Limited
- Rental income in relation to Copthorne King’s Hotel and
$30,787,553
Grand Copthorne Waterfront Hotel
- Rental income in relation to Waterfront Conference Centre
(1)
$755,244
City Hotels Pte. Ltd.
- Rental income in relation to Orchard Hotel
$25,919,394
- Shared services
(2)
expense in relation to Claymore Connect
$102,546
Harbour View Hotel Pte. Ltd.
- Rental income in relation to M Hotel
$15,783,784
City Developments Limited
- Rental expense in relation to Waterfront Conference Centre
(1)
$755,244
Republic Iconic Hotel Pte. Ltd.
- Rental income in relation to Studio M Hotel
$9,007,744
Millennium & Copthorne International Limited
- Accounting, IT and HR function expense for outsourced services
S$105,600
AKH GK and Ippan Shadan Hojin SH42
(3)
- Acquisition of Japan Hotels and the operating company
S$63,717,828
(4)
Notes:
(1)
This relates to a lease agreement with City Developments Limited (“CDL”) for the lease of the second level of Waterfront Plaza which comprises the
Waterfront Conference Centre (“WCC”) which H-REIT has sub-let to Republic Hotels & Resorts Limited (“RHRL”). Rental income received from RHRL
is thereafter paid to CDL as rental expense.
(2)
This relates to a shared services agreement with City Hotels Pte. Ltd. which provides for shared services relating to the inspection of electrical
installations, pest control, waste disposal and manpower resources for managing Claymore Connect.
(3)
AKH GK and Ippan Shadan Hojin SH42 are indirect wholly-owned subsidiaries of Real Estate Capital Asia Partners III L.P, a fund managed by
SC Capital Partners Pte. ltd.
(4)
Based on an assumed exchange rate of S$1.00 = ¥90.99
Except as disclosed above, there were no additional related party transactions (excluding transactions of less than
$100,000 each and/or transactions collectively described as “Exempted Agreements”) entered into during the financial
year under review.
*
As defined in the Prospectus of CDLHT dated 10 July 2006
