CapitaLand Ascendas REIT (SGX:A17U) associated company, Sprint Plot 1 TM, entered into project and service management agreements with The Work Project Management, according to a Friday filing with the Singapore Exchange.

Shares of the REIT were up over 1% in Monday trading.

Under the agreements, Sprint will provide project management services to manage the design and fit out of flexible workspaces at the units located at 1A Science Park Drive, Singapore, and to provide management services and other professional services as well.

The project management agreement is for a period of 3.5 months, with the management fee calculated based on the fixed percentage of 5% of the actual costs incurred, estimated to be around SG$239,000.

Meanwhile, the management services agreement is for a period of five years.

CapitaLand Ascendas REIT has a 34% stake in Sprint, while The World Project Management is an indirect wholly owned subsidiary of CapitaLand Group.