Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (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.

In an August 6 filing, the manager says it will only be allowed to subsequently increase the scheme consideration only if faced in a “competitive situation”.

Quarz said its interest in the securities of Sabana REIT are currently entirely comprised as deemed in its capacity as investment advisor and fund manager of various funds and accounts.

The managers of ESR-REIT and Sabana Shariah Compliant Industrial REIT — both controlled by ESR Cayman — have announced the proposed merger of the two REITs via a trust scheme of arrangement.

Sabana’s full total DPU for 1H20 would have been 1.05 cents, if not for the retention of 55% of its DI to conserve capital. The manager says the amount will be paid out at a later date.

Following the completion of the merger, the enlarged REIT will have total assets amounting to around $4.1 billion, which places it among the top five developer-backed industrial S-REITs by asset size.

SINGAPORE (Nov 18): Sabana Shari’ah Compliant Industrial Real Estate Investment Trust’s distributions per unit in 3QFY2019 rose 1.3% y-o-y to 0.78 cent. For the nine months to Sept 30, however, DPU continued to show a decline to 2.15 cents, down 13% y

SINGAPORE (Nov 14): Quarz Capital Management has written an open letter to ESR Cayman, the manager and major unitholder of Sabana Shariah Compliant Industrial Real Estate Investment Trust asking the manager to take action to narrow the gap between Sabana

SINGAPORE (Oct 14): More than two years after minority unitholders of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) kicked up a ruckus over the valuation of three acquisition properties that they believed were overvalue

SINGAPORE (Jan 28): The Singapore Exchange Regulation has enlisted the help of the professional body of valuers, to bring its expertise to bear when listed companies face questions over the value of assets in potential deals.