Sabana Reit manager responds to questions on valuation of acquisition
Book value is irrelevant and not the appropriate basis for comparison, it tells SGX
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Singapore
IN another turn of the drama unfolding in Singapore's real estate investment trust (Reit) space, the manager for Sabana Shari'ah Compliant Industrial Reit (Sabana Reit) said the book value of a property the Reit is acquiring from its sponsor, Vibrant Group, is not relevant for the current acquisition.
The property at 47 Changi South Ave 2 was acquired by Vibrant Group in Mar 2011 for S$10.9 million and will be acquired by the Reit at S$23 million.
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