Sabana unitholders vote to keep underperforming manager

Singapore

SABANA Reit unitholders on Friday voted overwhelmingly against removing its underperforming Reit manager and winding up the Reit vehicle.

At the extraordinary general meeting (EGM), the questions they raised over a nearly-two-hour period ranged from polite queries to aggressive accusations. The gripes were mainly about the premium prices that the manager has been paying for its assets, its poor-quality acquisitions that haven't been able to maintain their occupancy levels and rentals after the master leases expired, as well as the trust manager's seeming lack of remorse and constant attribution of the root problem to the economy and industrial property market.