It added that independent Sabana unitholders should consider the “compelling transaction rationale” and other factors including the premium gross exchange ratio over historical exchange ratios, distribution per unit (DPU) accretion, the property portfolio of both Sabana and ESR REITs, well as the “challenges of continuing as a smaller standalone REIT”.
The manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) has issued clarifications on its proposed merger with ESR-REIT.
The statement, dated August 28, says the board of directors of Sabana REIT’s manager went through a “thorough” process to evaluate the terms of the merger, and that the merger is the only formal offer that the manager has received.
