WE REFER to the Mark to Market column "Keppel Infrastructure Trust should get its DPU on strong upward trajectory before revising fees" (The Business Times, Apr 4 2022).

The article argues that the proposal might have the investors of Keppel Infrastructure Trust (KIT) "feeling that the new fee structure is less about the trustee-manager aligning its interests with those of unitholders than it is about the trustee-manager simply lining its own pockets".

We would like to emphasise that the proposed fee structure aligns with unitholders' interests. In fact, the performance fees are only payable with DPU growth. It is a structure that is well-adopted by newly listed SREITs.