Spring REIT property, China Central Place in Beijing. (Photo: Spring REIT)Spring REIT property, China Central Place in Beijing. (Photo: Spring REIT)

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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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.