In its updated internalisation timeline published along with its Aug 5 announcement, the REIT’s trustee says it intends to establish personnel for the new internal manager by the 4Q2024. It also plans to establish the budget and operating plan for the new internal manager by then. A draft of the budget and operating plan has already been created and will be presented to the new board of directors and senior management following their appointment and, or commencement of their employment.
HSBC Institutional Trust, the trustee of Sabana Industrial REIT, says it has identified and executed letters of intent with candidates whom it intends to propose as directors and senior management of the REIT’s new internal manager.
The trustee is also progressing work on the application of a capital markets services licence for the new internal manager.
