Sabana REIT's property near Serangoon, New Tech Park. (Photo: REITsWeek)Sabana REIT's flag property near Serangoon, New Tech Park. (Photo: REITsWeek)

At least two institutional investors of Sabana REIT have called upon other investors to reject the proposed merger between ESR-REIT and Sabana REIT.

The call was made citing a lack of confidence in the management of Sabana REIT, and substantial undervaluation of the offer price in relation to the REIT’s book value.

ESR-REIT and Sabana REIT announced earlier in July 2020 that they would merge to form the 5th largest industrial REIT in Singapore in terms of asset size.

Related: ESR-REIT, Sabana REIT to form Singapore’s 5th largest industrial REIT via merger

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.