Sabana Unitholders Vote to Internalize Manager

News about Sabana REIT

Following the request of investor Quartz Capital, unitholders of Sabana REIT voted during an EGM to remove the manager:

At its extraordinary general meeting (EGM) on Aug 7, some 691 million votes were cast, of which unitholders holding 57.5% of them voted to remove the REIT’s current manager, Sabana Real Estate Investment Management (SREIM).

Unitholders holding 55.6% of the 691 million votes cast also voted in favour of the REIT’s trustee, HSBC Institutional Trust, to effect the internalisation of the REIT management function. This will be done by incorporating a subsidiary wholly-owned by the trustee to act as the REIT’s manager.

Sabana REIT
Price0.335 SGD
NAV0.520 SGD
Yield (4 quarters)8.24%
Gearing35.6%