Quarz, Black Crane ask Sabana Reit trustee to form opinion on whether manager failed to follow trust deed terms

Singapore

FUND managers Quarz Capital Management and Black Crane Capital have asked the trustee of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) to form an opinion as to whether the trust's manager, in pursuing a merger with ESR-Reit, "failed to follow the terms of the trust deed to the prejudice of the participants".

In a letter sent on Thursday, they also asked the trustee, HSBC Institutional Trust Services (Singapore), to provide reasons for its conclusion.