Real estate company ESR and activist investment manager Quarz Capital are locked in an exchange of open letters, ahead of an extraordinary general meeting (EGM) for Sabana Industrial REIT (Sabana REIT).

The exchanges pertain to the terms of ordinary resolutions that will be voted upon at the EGM which, if passed, would effectively revamp the REIT’s management structure and possibly set a precedent for the REIT sector in Singapore.

Sabana REIT is a Singapore Exchange (SGX)-listed REIT and it owns a portfolio of 18 industrial assets across the country.

Related: Sabana REIT highlights risks of Quarz’s “overly simplistic” proposals