Sponsor holding requirement strengthened; sponsors remain liable for formation and asset transfers to the REIT. Sponsors and sponsor groups must collectively retain a prescribed minimum stake in the REIT for a defined post-listing lock-in, with any excess holdings subject to an additional retention period; sponsors and sponsor groups remain liable to the REIT, trustees and unit holders for acts, omissions, representations or covenants related to the REIT's formation and to the sale or transfer of assets, holdcos or SPVs to the REIT irrespective of any contractual provision.
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Provisions expressly mentioned in the judgment/order text.
Sponsor holding requirement strengthened; sponsors remain liable for formation and asset transfers to the REIT.
Sponsors and sponsor groups must collectively retain a prescribed minimum stake in the REIT for a defined post-listing lock-in, with any excess holdings subject to an additional retention period; sponsors and sponsor groups remain liable to the REIT, trustees and unit holders for acts, omissions, representations or covenants related to the REIT's formation and to the sale or transfer of assets, holdcos or SPVs to the REIT irrespective of any contractual provision.
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