ESR-REIT's UE BizHub EAST. (Photo: REITsWeek)ESR-REIT's UE BizHub EAST. (Photo: REITsWeek)

Sabana REIT investors have successfully scuttled the proposed merger with ESR-REIT.

In what has been heralded as a rare win for investor activism in Singapore, the plan was duly shot down during an extraordinary general meeting (EGM) that was held on 4 December.

The dissent was led by two institutional investors, Black Crane Capital and Quarz Capital, who have lamented the implied discount to Sabana REIT’s book value in the merger terms, among other reasons.

Related: Quarz Capital positions for battle in ESR-REIT, Sabana REIT merger deal

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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.