Sabana Reit unitholders approve removal of manager, with 57.5% of vote in favour

UNITHOLDERS of Sabana Industrial Real Estate Investment Trust (Sabana Reit) voted to remove Sabana Real Estate Investment Management (SREIM) and kick off the process of internalising the Reit’s manager.

At an extraordinary general meeting (EGM) on Monday (Aug 7), unitholders voted on two resolutions. The first was to remove SREIM as the Reit’s manager as soon as practicable. Out of 691 million votes cast, 57.5 per cent were in favour of the resolution. The Reit has nearly 1.1 billion units in issue.

The second resolution was to effect the internalisation of the Reit management function by incorporating a subsidiary wholly owned by the trustee, and appointing it to act as Sabana Reit’s manager. For this resolution, 55.6 per cent were in favour.