LMIR Trust sets management fees at 2% of net property income

Fee structure unchanged under new 24-month agreement

Two percent of net property income will form the basis of property management fees under a new master property management agreement signed by LMIR Trust with PT Lippo Malls Indonesia, according to an announcement by LMIRT Management Ltd.

Under the agreement, PT Lippo Malls Indonesia will receive property management fees equivalent to 2.0% of net property income for each retail mall, alongside a 2% fee on gross revenue and a 0.5% fee in lieu of leasing commissions. For Java Supermall Units, fees will be calculated at 2% of net property income and a 0.5% leasing-related fee, reflecting a narrower scope of services.

Project management fees remain unchanged, with rates set at 3% for construction costs between $100,000 and $5m, 2% for costs between $5m and $40m, and fees for projects above $40m subject to mutual agreement.

Interested person transactions for the financial year total $34.83m, equivalent to 4.98% of LMIR Trust’s audited net tangible assets as at 31 December 2024. The Audit and Risk Committee said the terms were on normal commercial terms and not prejudicial to minority unitholders.

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