Call for Sabana Reit top management, IDs to quit if ESR deal falls through

Singapore

FUND managers Quarz Capital Management and Black Crane Capital in a letter on Monday called for the senior management and independent directors of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) to resign if a proposed merger with ESR-Reit falls through.

This is so that they can be replaced with people who can develop and execute alternative strategies to grow the real estate investment trust (Reit), Quarz chief investment officer (CIO) Jan Moermann and Black Crane CIO Peter Kennan wrote.