Quarz Capital and Black Crane Capital have thrown down the gauntlet on the manager of Sabana REIT, calling for its management and directors to resign if the proposed merger with ESR-REIT falls through.
The move will make way for professionals who can better develop, and execute alternative strategies to grow Sabana REIT, said the investment firms.
Quarz and Black Crane are currently leading a minority unitholders revolt to oppose the proposed merger between ESR-REIT and Sabana REIT.
Related: ESR-REIT, Sabana REIT to form Singapore’s 5th largest industrial REIT via merger
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