Sabana Reit completes internal management transition, renamed as Alpha Integrated Reit
[SINGAPORE] Sabana Industrial Real Estate Investment Trust (Reit) has completed its long-anticipated internalisation of its manager.
Alpha Integrated Reit Management has been appointed as the trust’s new manager, replacing Sabana Real Estate Investment Management, said trustee HSBC Institutional Trust Services on Thursday (Oct 23).
The Reit has also been renamed as Alpha Integrated Reit, and its trust deed will be amended to reflect the new internalised management structure.
In a farewell message, Sabana Real Estate Investment Management said: “We have been steadfast in our strategy and execution – extracting the most from our existing portfolio to grow organically through asset-enhancement initiatives and asset rejuvenations – all (this while, keeping strict discipline) on our capital management.”
For the third quarter ended Sep 30, the Reit posted a 38.4 per cent rise in distribution per unit to S$0.0101, from S$0.0073 in the year-ago period. The total income available for distribution increased 38.2 per cent year on year to S$11.3 million.
Improvements in revenue and net property income were driven by a higher overall portfolio occupancy rate of 87 per cent, as well as an 11.3 per cent positive rental reversion.
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Industrial asset New Tech Park was named the “crown jewel” of the trust’s portfolio for its “sterling” Q3 performance. The business park’s occupancy rate hit a 12-year high of 94.7 per cent as at Sep 30, up from 86 per cent as at Jun 30.
“Serving as the manager of the Reit has been a privilege and a responsibility we took seriously,” Sabana Real Estate Investment Management added.
The trustee noted that the new internalised manager has the sufficient data and full ability to assume management of the Reit immediately.
It added that all the lenders under the trust’s existing facilities have provided the necessary waivers to accommodate the management transition, though some remain subject to post-appointment conditions.
The trustee also reminded unitholders of their regulatory obligations under the Securities and Futures Act.
Among these is the requirement that any investor seeking effective control of the new internalised manager – including through holding 20 per cent or more of the trust’s units – must first obtain approval from the Monetary Authority of Singapore (MAS).
Major unitholders are also required to meet MAS’ fit and proper criteria, and notify the manager if their holdings cross prescribed thresholds.
Long-drawn-out saga
The announcement concludes a process that began in 2023. At an extraordinary general meeting held on Aug 7 that year, Sabana Reit’s unitholders voted to oust its external manager and have an internal manager wholly owned by the trustee.
But the internalisation, led by activist investor Quarz Capital, was delayed by disputes and legal challenges. Related costs mounted to S$12.2 million as at end-June 2025.
Despite these issues, the new internalised manager received in-principle approval from MAS in August for a capital markets services licence.
Alpha Integrated Reit Management’s chief executive and chief financial officers are expected to be Karen Lee and Goo Li Ling, respectively.
Units of Sabana Industrial Reit ended Thursday 5.8 per cent or S$0.025 higher at S$0.455, before the news.
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