Pulse Investments Ltd (PULSE) has advised that in a new agreement between PULSE and its related party property owner, leases for the Trafalgar Road and Villa Ronai properties, controlled by PULSE, have been extended to 50 years. Pepercorn rent payable for these 50 years, in accordance with the terms of the leases, has been paid up in advance.
This new extension of the existing leases was approved by PULSE’s Board at a meeting held on December 20, 2016. Under the terms of the extension, if any of the two leases is terminated prior to the end of 50 years, the company and its shareholders will be compensated to the full value of the leasehold improvements and investment made by the company in the properties to date, as well as any new investments made in the future. These investments currently total in excess of $1.3 billion.