In the meantime, HSBC Trustee has filed an originating application, under Order 32 of the Rules of Court 2021 of Singapore (the Order 32 Application), to help clarify necessary threshold issues and steps for the internalisation process and to ensure that the views of all Unitholders are properly considered in an appropriate forum. Order 32 of the Rules of Court allows for an action to be brought in the Singapore courts for the determination of any question arising in the execution of a trust. The respondent in the Order 32 Application is Quarz Capital Asia.
DBS Group Research, in a research note dated Jan 24, echoed Sabana Industrial REIT’s Trustee, that the REIT will continue to incurr internalisation costs this year.
On Jan 23, HSBC Trust Services (HSBC Trustee), as Sabana Industrial REIT’s trustee, stated that costs have been incurred and will continue to be incurred as it carries out the internalisation process.
