Sabana Reit unitholders shouldn’t push for asset sales before internalisation project is completed

MANY market watchers might have been surprised last month when a group of investors holding more than 10 per cent of Sabana Industrial Real Estate Investment Trust (Sabana Reit) requisitioned yet another extraordinary general meeting (EGM).

For one thing, these Sabana Reit unitholders did not include Quarz Capital, the activist investor that has repeatedly requisitioned EGMs in its campaign to internalise the Reit’s management function.

Instead, this EGM requisition was submitted by Chan Wai Kheong – better known as Charlie Chan – a former independent director of Sabana Reit’s existing external manager, who has been opposed to Quarz Capital’s efforts.