Artist's impression of New Tech Park. (Sabana REIT)Artist's impression of New Tech Park. (Sabana REIT)

Quarz Capital has issued a requisition notice to the manager of Sabana Industrial REIT (Sabana REIT) to convene an extraordinary general meeting (EGM).

Among resolutions that will be up for voting at the EGM include one that calls for the REIT’s manager, Sabana Real Estate Investment Management Pte Ltd, to be removed.

This will pave the way for an internalisation of the REIT’s manager, the prerequisite for which is contained in the second resolution that will be voted on at the EGM.

Under the second resolution, the REIT would also “consider the retention of Sabana REIT’s existing staff in order to maintain the continuity of Sabana REIT’s operations”.

“The manager is considering the requisition notice, including the reasoning for the proposed resolutions set out therein, and seeking legal advice, and will make further announcements on SGXNET in due course”, reads a statement issued by Sabana REIT on 8 June.

“Unitholders and investors are advised to refrain from taking any action in respect of their units in Sabana Industrial REIT which may be prejudicial to their interests, and to exercise caution when dealing in the units”.

Sabana REIT was last done on the Singapore Exchange at SGD0.435, which presently implies a distribution yield of 7.01% according to data on the Singapore REITs table.

Related: As clock ticks on New Tech Park, Sabana REIT optimistic on rezoning prospects

By Shariffa Al-Habshee

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