Sabana internalisation requires trust deed amendment, but court bars ESR from voting

THE Singapore High Court has ruled that trust deed amendments are required to effect the internalisation of the manager function of Sabana Industrial Real Estate Investment Trust (Sabana Reit).

But it also ruled that ESR entities are prohibited from voting on the amendments, said HSBC Institutional Trust Services (Singapore) – the trustee of Sabana Reit – in a bourse filing on Friday (May 24).

The court ruling, which arose from an Order 32 application by the trustee to clarify steps for the internalisation process, would likely provide greater clarity for Sabana Reit’s unitholders, who have been through several extraordinary general meetings (EGMs) and witnessed disagreements between the various parties in the saga that began nearly a year ago.