Initially unitholders were led to view that internalisation would be a four to five months process, with unitholders spending around $5 million in total.
On March 8, unitholders of Sabana Industrial REIT were understandably full of angst over the $3.2 million spent on internalisation from August 2023 to Dec 31, 2023, as one after another, unitholders got up to question HSBC Institutional Trust Services (the Trustee) on why it had spent the monies. Takeaways from the EGM can be viewed here.
More than that, seven months on from an August 7, 2023 resolution to remove the external manager, unitholders appear to feel they are no closer to the final destination of an internalised manager in an S-REIT.
