Spring REIT survives management purge attempt by major investors

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Hong-Kong-listed Spring REIT has survived an attempt by two major unitholders to remove its management team during an extraordinary general meeting (EGM).

The unitholders, BT Cayman Ltd and Spirit Cayman Ltd, are investment vehicles managed by asset management firm PAG Real Estate.

Spring REIT received a letter of requisition to convene the EGM from these two unitholders in August 2017.

BT Cayman and Spirit Cayman, both of which collectively hold 157,150,000 units of the REIT representing a stake of about 12%, cited underperformance as a main reason as to why they are calling for the manager’s removal.

Read: Investors call to remove Spring REIT management citing underperformance

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About Author

Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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