Sabana REIT aims for manager internalisation by 3Q24

The REIT has made progress in its Order 32 application.

HSBC Institutional Trust Services (Singapore) Limited, the trustee of Sabana Industrial REIT, has provided an indicative timeline for the internalisation of the REIT’s manager.

The REIT aims to complete the internalisation by 3Q24.

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So far, the REIT has completed the following activities: appointment of professional advisers;  seek ESR’s views in relation to Resolution 1 passed at the 8 March 2024 EGM; establish functionality for a new internalised manager; establish functionality for a new internalised manager; review applicable regulations; and establish trust seed amendments.

Based on the presented timeline, the REIT has made progress in establishing personnel, budget and operating plan for the new internalised manager.

It has also made progress in its Order 32 application. The trustee, however, clarified, that the timing of this workstream “is indicative and at the discretion of the court, and may be impacted by any future requisitioned resolutions put forth by unitholders for consideration.”