Maplewood International REIT Completes in Full the Required Capital Investment in Its Property
Maplewood International Real Estate Investment Trust (the “REIT”) announced today that, further to the press release dated December 31, 2015 in connection with the REIT’s announcement of a lease amendment (the “Lease Amendment”) on its sole investment property in the Netherlands (the “Property”), the REIT has now funded the entire balance of EUR 140,000 of the required capital investment in the Property (the “Capital Investment”), comprised of specified building improvements (the “Improvements”) that the REIT believes will enhance the quality and functionality of the Property. Accordingly, the REIT and the Property’s tenant (the “Tenant”) have mutually confirmed that the Capital Investment has been satisfied in full, with no further obligations by the REIT.
Pursuant to the Lease Amendment, the REIT structured the Capital Investment based on a reimbursement system whereby the REIT delegated to the Tenant the management, coordination, purchasing, and contracting of the Improvements and in return the REIT was responsible for reimbursing the Tenant for its costs incurred in completing the Improvements, in the maximum amount of EUR 140,000 and subject to the REIT’s satisfaction of the completion. The Tenant incurred total costs of EUR 185,401 for the Improvements, for which the REIT only had to reimburse the aforementioned EUR 140,000. Accordingly, the difference of EUR 45,401 represents additional capital invested in the Property by the Tenant, for the benefit of the REIT and at no cost the REIT.