ESR’s further acquisition of Sabana REIT units has been done to enhance its income diversification, the company said in its statement on 23 May.

As reported on the previous day, ESR has loaded up on more units of the Shari’ah-compliant REIT, and has entered into a sale and purchase agreement to acquire 51.0% of the entire issued and paid-up capital of Sabana Investment Partners (SIP).

Related: ESR Cayman strengthens hold on Sabana REIT with multi-million units deals

SIP is an investment holding company that owns 100% equity interest in the manager of Sabana REIT, and the property manager of its portfolio.

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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.