Trustee lays out commercial options to build functioning internal management for Sabana REIT

Amongst these options is the retention of existing staff of the REIT’s manager.

Sabana Industrial REIT’s trustee, HSBC Institutional Trust Services (Singapore) Limited, said it is assessing various commercial options to build out a functioning internal management entity.

In a bourse filing, the trustee said amongst options it is considering is a potential acquisition of existing assets and retention of existing staff of the REIT’s manager to maintain the continuity of the REIT’s operations to implement Quarz’s resolutions.

The trustee, together with its legal adviser Rajah & Tann Singapore, is also considering whether amendments to the Trust Deed and subsequent extraordinary general meeting (EGM) will be required to implement the resolutions.

The Trustee reiterated that the nature of this internalisation process, through the establishment of an internalised manager, is complex and unprecedented in the Singapore market.

“Many of the issues and matters to be considered are interconnected and nuanced, and should not be over-simplified. [We are] working closely with its appointed advisers to carry out the implementation of the resolutions in a compliant and prudent manner to protect the interests of all Unitholders,” the trustee said.