Sabana REIT has appointed Karen Lee as the CEO of its new internalised manager. Lee, who has over 20 years of experience, was previously the deputy CEO of the merged ESR REIT and CEO of ARA LOGOS Logistics Trust before it merged with ESR.
Sabana REIT also announced the appointment of Goo Li Ling as chief financial officer (CFO) of the internalised manager. Goo was previously at Keppel Fund Management as its managing director, finance for real estate funds till June this year. Goo also has 20 years of experience including roles at Suntec REIT from 2004 to 2006.
The REIT also appointed two directors of the board, Quartz’s Havard Chi and One Hill Capital’s Bhavik Umesh Doshi, on Aug 22.
On July 21, 2023, Sabana REIT called for an extraordinary general meeting (EGM) to remove its manager “as soon as practicable” after the resolution is passed.
On Aug 7, 2023, unitholders of the REIT voted to remove the REIT’s manager at the time, Sabana Real Estate Investment Management (SREIM).
Sabana REIT, on Aug 5, 2024, said it had identified and executed letters of intent with candidates whom it intends to propose as directors and senior management of the REIT’s new internal manager.
See also: CapitaLand Ascendas REIT to sell five industrial and logistics properties for $329 million
Units in Sabana REIT closed flat at 41 cents on Aug 22.
See also:
- Sabana REIT incurs $5.6 mil of internalisation costs ytd; unitholders vote in favour of requisitionists' candidates (Oct 18, 2024)
- Sabana REIT’s trustee has identified candidates for directors and senior management of new internal manager (Aug 5, 2024)
- Sabana REIT's Trustee attributes internalisation costs to additional EGMs (July 23, 2024)
- Internalisation costs rise to $8.9 million for Sabana REIT, DPU falls 16.8% y-o-y (July 23, 2024)
- Who will save Sabana REIT? (July 11, 2024)
- More costs likely as Sabana's manager agrees to Quarz's EGM, observers say (July 1, 2024)
- Sabana REIT trustee says it intends to call EGM to consider amendments to trust deed (June 12, 2024)
- Sabana REIT EGM proposed by minority investors cancelled (June 3, 2024)
- ESR Entities file appeal against Court ruling, says Sabana Trustee (May 31, 2024)
- Sabana REIT's Trustee can call EGM to amend Trust Deed (May 24, 2024)
- SGX RegCo makes statement on who can vote at Sabana REIT’s EGM as manager clarifies current external model to unitholder (April 22, 2024)
- Sabana REIT’s unitholder explains why Trust Deed changes need EGM (April 12, 2024)
- Cost savings of internalisation 'overstated', says ESR Group, after resolution of defamation action against Quarz (April 8, 2024)
- Unitholders mull exit strategy as costs rise for internalisation of Sabana REIT (March 10, 2024)
- Proposed EGM and requisitions not beneficial to progress of internalisation for Sabana REIT, says trustee (Feb 21, 2024)
- Internalisation comes at a cost and Sabana REIT is fully valued, DBS says (Jan 26, 2024)
- Sabana REIT's trustee appoints FTI Consulting as its financial adviser on steps taken to implement resolutions (Aug 29, 2023)
- Sabana REIT’s unitholders vote to remove manager (update) (Aug 7, 2023)
- Internalisation of Sabana REIT’s manager won’t result in cost savings, says ESR Group (July 28, 2023)
- This is the cost of running Sabana REIT’s manager; are savings from fees worth the risk? (July 21, 2023)
- Sabana REIT calls for EGM to remove manager (July 21, 2023)
