Sabana REIT's AGM, which was conducted on 25 April 2018. (Photo: Sabana REIT)Sabana REIT's AGM, which was conducted on 25 April 2018. (Photo: Sabana REIT)

ESR-REIT and Sabana REIT are currently listed at discounts to book value of approximately 5% and 30% respectively, according to data captured in the Singapore REITs table.

The proposed matrimonial between ESR-REIT and Sabana REIT could very well be scuttled, given the increasingly vocal voices from disgruntled investors who have called foul on the terms of merger.

And unlike the previous retail investor-led dissent faced by Sabana REIT in 2017, two institutional investors are instead leading the charge this time, calling on market regulators to intervene in the merger.

But investors who have been following Sabana REIT since its inception may be able to trace the current round of dissent to events as far back as 2016, when Sabana REIT tried to acquire a portfolio of three light industrial properties at a controversial price.

REITsWeek was the first news outlet to speak to the 66 dissenting investors, when the Sabana REIT saga erupted in 2016.

In this compact timeline of 24 stories, we re-cap our coverage of Sabana REIT since that dissent erupted, and ask if the seeds of the current dissent can indeed be traced back to events as far back as four years ago.

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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.