Sabana unitholders call on sponsor to sell stake in manager
They "urgently" seek guidance from MAS on how to resolve alleged conflict of interest
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Singapore
A GROUP of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) unitholders is "urgently" seeking guidance and support from regulators to stop the "potential severe conflict of interest issues" that they say are resulting from ESR Cayman's controlling ownership of both Sabana Reit's and ESR-Reit's managers.
In a letter sent to the Monetary Authority of Singapore (MAS) and the Singapore Exchange Regulation (SGX RegCo) on Tuesday, over 50 minority unitholders, including fund managers Quarz Capital and Black Crane Capital, stressed that they were "deeply concerned the Sabana Reit manager may have been conflicted and is not acting in the best interest of Sabana unitholders".
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