The internal management model’s uphill task in gaining traction among Singapore Reits
Lack of size confronts Sabana Reit’s new internalised manager
Add BT as a preferred source
[SINGAPORE] Giving birth to a listed real estate investment trust (Reit) with an internal manager in the Singapore market dominated by Reits and business trusts that have external managers is proving to be an arduous process.
At an extraordinary general meeting held on Aug 7, 2023, Sabana Industrial Reit’s unitholders voted to oust its external manager Sabana Real Estate Investment Management and have an internal manager wholly owned by the trustee. The trustee’s role is to act on behalf of unitholders.
Two years have passed, and an internal manager has yet to take over managing Sabana Reit. Meanwhile, internalisation costs have cumulatively amounted to S$12.2 million as at end-June this year.
TRENDING NOW
Abandoned ‘Titanic’, failing ‘ancient towns’: Why China’s tourism boom leaves white elephants behind
Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
US-Iran peace deal: S-Reits, aviation stocks, developers on investors’ radar as potential winners
