The unitholders have been invested in the REIT before the change in the ultimate controlling shareholder of the manager of the REIT.
Activist investor Quarz Capital, Black Crane, and over 50 unitholders of Sabana Shariah Compliant Industrial REIT (Sabana REIT) have, on August 17, written to the Monetary Authority of Singapore (MAS) and the Singapore Exchange Regulation (SGX RegCo) to seek MAS’s “guidance, clarity and support” on the “potential severe conflict of interest issues” concerning Sabana REIT.
The letter touched on issues such as the merger’s potential conflict of issues due to the similarity in both Sabana and ESR REITs’ portfolios, ESR Cayman being the overall manager of the two REITs, and ESR Cayman’s “significantly higher fees from and value of stake” in ESR-REIT compared to Sabana REIT.
