With Sabana Reit merger in question, will ESR move on to next target?

AN observer to the tussle between ESR-Reit and activist unitholders at Sabana Reit has described the proposed merger between the two Reits as being "in the intensive care unit".

Getting the deal done would require the agreement of nearly all the minority unitholders of Sabana Reit, said Justin Tang, head of Asian research at United First Partners.

Fund managers Quarz Capital and Black Crane Capital, which have said they will not support the merger, collectively control 10 per cent of Sabana Reit.