Sabana Reit's dissident unitholders were right to fight its manager, but it's time to make peace

QUARZ Capital Management and Black Crane Capital waged a bruising campaign last year to prevent Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) from being merged with ESR-Reit on terms that were plainly unfair.

They ultimately prevailed when the deal - which would have valued Sabana Reit at a steep discount to its book value - was put to a unitholder vote on Dec 4 last year.

Since then, the market value of Sabana Reit's units has risen more than 25 per cent. Sabana Reit closed Tuesday at 44.5 Singapore cents, which represents a 14.4 per cent discount to its book value as at June 30 of 52 cents per share.