Should Suntec Reit internalise its manager?
If there is a lesson from the Sabana Reit experience, it is perhaps that aligning the interests of all stakeholders is difficult but absolutely crucial
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THE board of Suntec Real Estate Investment Trust’s (Reit) manager should probably be prepared to field some questions from unitholders at the coming annual general meeting (AGM) on Apr 18 about whether it is time to consider internalising the management function of the trust.
This past week, RHB said in a report that Suntec Reit is uniquely positioned to benefit from such an internalisation – given the relatively large size of its property portfolio and its limited reliance on its sponsor group for acquisitions and funding.
RHB is specifically suggesting that Suntec Reit acquire its manager for between S$307 million and S$430 million, by issuing new shares to its sponsor group.
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