Sabana Reit fields queries on director independence from activist investor, unitholders

THE manager of Sabana Industrial Real Estate Investment Trust (Sabana Reit) on Monday (Apr 24) disputed some claims from an open letter written by activist investor Quarz Capital, which holds a 14 per cent deemed interest in the Reit’s units as at Mar 8.

Quarz had raised several concerns over the independence of one of the board directors; the decision to spend S$20 million to enhance the Reit’s 1 Tuas Avenue 4 asset; and a resolution giving the manager a mandate to issue new units.

In its clarifications on Monday, Sabana Reit’s manager said the allegations towards its independent non-executive director Elaine Lim were “false, untrue and baseless”.