Sabana REIT proposes candidates for new internal management team

The REIT spent a total of $8.92m for its internalisation process.

The trustee of Sabana Industrial REIT has identified and executed letters of intent with preferred candidates proposed as directors and senior management of the new internal manager.

The trustee is also overseeing an application for a capital markets services licence for the new internal manager. An extraordinary general meeting (EGM) to amend the trust deed for the internalisation is scheduled for 6 August.

Sabana Industrial REIT has incurred a total cost of $8.92m for its internalisation process.

This includes $1.38m (16%) for service providers, including costs related to requisitioned resolutions and the EGM not originally planned by the trustee, and $1.37m (15%) for pre-internalisation activities, such as the legal and logistical expenses associated with convening the EGM.

In addition, $1.11m (12%) was spent by the trustee and manager on the Order 32 application and ESR’s appeal due to divergent unitholder views that were critical to the progress of the internalisation and the trustee’s proposed path.

*Note: The article has been revised to correct an error in the reported total cost of the internalisation process, initially listed as $8.91m.