Sabana REIT's CEO (second from right) at the AGM on 25 April 2018. (Photo: Sabana REIT)

Quarz Capital Asia has reiterated its intention to vote against the proposed merger between ESR-REIT and Sabana REIT, and has taken steps to strengthen its position for this.

Quartz Capital is one of two institutional investors leading a minority unitholders’ dissent that aims to scuttle the proposed merger, with the other being Black Crane Capital.

Among reasons for the dissent include the applied discount to Sabana REIT’s book value in the proposed merger terms.

Related: Replace Sabana REIT’s management if merger falls through, say investors

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By Shariffa Al-Habshee

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