Spring Real Estate Investment Trust (Spring REIT) has announced the renewal of the PAG Renewed Lease. According to the board of directors of the Manager, the renewed lease was entered into at arm's length and in the ordinary and usual course of business. The terms are considered to be on normal commercial terms and consistent with the investment objective of Spring REIT. The Trustee, relying on information from the Manager, the board's recommendation, and the opinion of an independent property valuer, has expressed no objection to the PAG Renewed Lease. It has confirmed that the lease is in line with Spring REIT's investment policy and complies with the REIT Code and the trust deed. The Trustee also stated that unitholders' approval is not required for the transaction. The Manager will engage Spring REIT's auditors to review the PAG Renewed Lease annually to confirm compliance with approval, pricing policies, and transaction terms, as well as adherence to the annual cap. The Manager will notify the Securities and Futures Commission if the independent non-executive directors or auditors are unable to confirm these matters. A summary of the transaction will be included in Spring REIT's annual reports.
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