Valad hold 10% of the capital in the ICA Development Fund series.
The management fee is 3 % of development cost excluding land, not 3% of end project value. Project equity is about $30m, ie return of capital $3m.
The development fee would have already been accrued in previous reporting periods.
So , return of capital I agree is a good thing, but really there is no material impact
ikea project update, page-9
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