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SABANA REIT
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laksaman57
Supreme |
06-Mar-2017 13:20
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Since investors intend to kick out the mgr, its make sense for substantial shareholder (who currently own other reit mgr), instead of buying out sabana reit mgr , to spend the money to takeover the reit and then install their mgr to reduce mgt cost | ||||
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HB8289
Master |
06-Mar-2017 13:00
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mrwise
Supreme |
06-Mar-2017 12:59
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Undervalued counter and it will be good if there is a takeover by a good company who can manage it well!
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HB8289
Master |
06-Mar-2017 12:57
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Now pushiing to cross $0.47Cts
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HVRRVH
Elite |
06-Mar-2017 10:50
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This is indeed positive development. I suspect they have been buying since the rights issue period. Or should I say I am curious when they started to get onboard! Having cross 5%, if they continue buying it will be announced thru SGXnet. Holding reduced but still vested.
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HB8289
Master |
06-Mar-2017 10:41
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Hold on their share . pass 50cts coming soon ....
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HB8289
Master |
06-Mar-2017 10:38
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e-Shang Redwood has emerged as a new substantial unitholder has emerged at Sabana REIT. According to filings posted on SGX on Friday, Shang Redwood now holds a 5.01% stake in Sabana REIT. This could shift the dynamics of a revolt that a group of small investors have waged against the manager of the REIT over the past month. Shares of Sabana REIT last traded at 43 cents. |
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mrwise
Supreme |
06-Mar-2017 10:34
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suspect something coming! Takeover announcement? Can we see $0.55 and above soon? |
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HB8289
Master |
06-Mar-2017 10:24
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Look like have to see afternoon after 3 pm whether it can break 0.47 cts .Seem that ppl are take profit now
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HB8289
Master |
06-Mar-2017 09:02
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Is moving up already
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john_ric
Supreme |
05-Mar-2017 23:11
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" The top three performing Industrial REITs in the year-to-date are Sabana Shari' ah Compliant Industrial REIT (+18.4%), Ascendas REIT (+11.9%) and Cambridge Industrial Trust (+9.3%) ." > > > > this is out of context. as sabana share price dropped from > $1++ to 43 cents over the years. the so called 18.4% is based on 43 cents. the fact is that both the DPU and share price are dropping over the years. the share price has dropped so much and make the yield seems very high. the so called high yield does not really benefit the loyal long term unit holders. if sabana yield is that good there wont be uproar to sack the bloody reit manager.
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huatster
Senior |
05-Mar-2017 20:42
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The five-year S$45 million loan at reportedly 13 per cent interest rate was then secured by City Harvest Church with its stake in Suntec Singapore Convention & Exhibition Centre as collateral when donations waned amid the church' s high-profile court case. Should CAD investigate?
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HB8289
Master |
05-Mar-2017 19:32
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It' s not very often that Singapore Exchange (SGX) queries a firm over the resignation of a non-executive director, but that the frontline regulator deemed it fit to do exactly that amid a unitholder rebellion against the manager of Sabana Shari' ah Compliant Industrial Real Estate Investment Trust (Sabana Reit), a saga that it is evidently keeping close tabs on, may be telling. On Monday, Sabana Reit' s manager, Sabana Real Estate Investment Management, announced the resignation of Ng Shin Ein from the board effective May 23. The contents of the resignation letter piqued great interest as Ms Ng cited " certain internal dynamics" that have hampered her ability to contribute to the Reit manager, compounded further by unhappy unitholders' action to kick out the manager. Ms Ng, who has been with the board for nearly seven years, had notified the firm of her resignation earlier in January but withdrew that " out of a sense of duty" until a basic framework and process was in place now that they seem in place, she has reinstated her decision to step down. Over two days - the day of the announcement and a day later - SGX echoed the very sentiments in the minds of market observers and queried the firm on what Ms Ng had meant by these " internal dynamics" and if they impacted the Reit and its unitholders. The manager' s response did little to assuage the already-anxious unitholders. It referred to those " dynamics" as the difficulties facing the Reit in accessing a good pipeline of properties " given the shareholding structure of the Reit manager" . The Reit manager added that it understands from Ms Ng that while " strategic shareholders with substantial quality assets would usually want to take over majority interest in the REIT Manager, it was beyond the board' s control to compel any shareholder of the REIT Manager to divest its stake" . The statement barely evokes inspiration among unitholders exasperated with the Reit manager' s underperformance, who are also keenly awaiting a date for a special meeting they have requisitioned to, among other things, force the manager out. This more so as the main thrust of its " strategic review" announced in early February, for which it has roped in Morgan Stanley Asia (Singapore) as financial adviser, is to review the manager' s current shareholding structure and management. When queried further by SGX, the manager revealed on Wednesday night that the plan could also involve a potential sale of all units or assets of the Reit and a sale of the manager. The Reit manager is 51.0 per cent indirectly owned by Singapore-listed Vibrant Group, which is Sabana Reit' s largest unitholder with 12 per cent holdings and largest tenant. One particular deal that irks the vocal unitholders is a plan by the Reit manager to acquire an industrial building in Changi South valued at S$23 million from Vibrant under a sale and leaseback plan, which is perceivedly exorbitant considering the prevailing weakness in the industrial space. That Vibrant had coughed up half that price or S$10.9 million to pick up that same asset six years ago has further cemented the notion that the asset is overpriced, never mind that the manager has explained the past purchase price tag as an " irrelevant" comparison. Interestingly, this wouldn' t be the first time that Vibrant, which was known as Freight Links Express Holdings up until late 2013, would find itself embroiled in a controversy and that too one involving a high price. The diversified logistics firm that is helmed and majority owned by Eric Khua Kian Keong, and is the sponsor of Sabana Reit - the world' s first and largest Syariah-compliant listed industrial Reit - raised eyebrows back in 2013 when it revealed that it had provided a loan at a high interest rate to City Harvest Church. The five-year S$45 million loan at reportedly 13 per cent interest rate was then secured by City Harvest Church with its stake in Suntec Singapore Convention & Exhibition Centre as collateral when donations waned amid the church' s high-profile court case.
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HB8289
Master |
05-Mar-2017 19:29
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SGX piles more pressure on Sabana Reit managerIt asks what non-exec director who resigned meant by " internal dynamics" and if they impacted Reit, unitholders
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HB8289
Master |
04-Mar-2017 09:15
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Belated News Sabana REITBy:
Goola Warden
03/03/17, 08:05 pm SINGAPORE (March 3): A new substantial unitholder has emerged at Sabana Shari&rsquo ah Compliant Real Estate Investment Trust, which could shift the dynamics of a revolt that a group of small investors have waged against the manager of the REIT over the past month. According to filings posted on SGXNet on March 3, e-Shang Redwood (ESR) now holds a 5.01% stake in Sabana REIT. Less than a month ago, on Feb 6, a group of 66 unitholders of Sabana REIT requisitioned an extraordinary general meeting. (See also: Sabana REIT faces off with activist investors) The resolutions to be put forward at the meeting include voting out the current manager and finding a new management team, which may run the REIT internally if necessary. If the resolution to vote out the current manager is not passed, the requisitioning unitholders want to put forward resolutions for the REIT to divest its properties and return the cash unitholders. However, the requisitioning unitholders only hold a total of 0.6% of Sabana REIT&rsquo s outstanding units. The largest unitholder of Sabana REIT currently is its sponsor, Vibrant Group, with a 12% stake. Some of this is held through the manager, in which Vibrant holds a 51% stake. A further 6.1% of Sabana REIT is owned by Tong Jinquan, a Shanghai-based property tycoon. ESR is a pan-Asia logistics real estate developer, owner and operator. Warburg Pincus is its largest shareholder. On Jan 18, ESR acquired an 80% stake in Cambridge Industrial Trust&rsquo s manager from National Australia Bank and Oxley Capital. The price was not disclosed. (See also: NAB, Oxley to sell stakes in manager of Cambridge Industrial Trust to e-Shang Redwood) ESR has since bought a 12% stake in Cambridge Industrial Trust. Interestingly, Tong, the Shanghai-based property tycoon, holds 16% of Cambridge Industrial Trust. The takeover of Cambridge Industrial Trust&rsquo s manager by ESR followed in the wake of frosty relations between some of the REIT&rsquo s unitholders and its manager. At an annual general meeting held in April 2015, unitholders of the REIT did not pass a resolution to provide the manager with a general mandate to issue new units. In effect, that made it hard for the manager to expand the REIT&rsquo s portfolio through acquisitions. Now, the dissident unitholders at Sabana REIT are hoping that ESR will help them oust their manager at the upcoming EGM, which has yet to be scheduled. Sabana REIT&rsquo s manager has 60 days to schedule the EGM from the requisition date. &ldquo I hope they vote in favour of removing the manager,&rdquo says Jerry Low Chin Yee, the de facto leader of Sabana REIT&rsquo s disgruntled unitholders. Sabana REIT owns industrial properties. Its distributions per unit (DPU) have fallen from 9.38 cents in 2013 to 5.01 cents in 2016. During this period, however, fees paid to Sabana REIT&rsquo s manager remained largely intact. Unitholders paid fees of $8.51 million in 2013, $9.68 million in 2014, $9.29 million in 2015 and an estimated $8.33 million in 2016. In December, Sabana REIT&rsquo s manager announced a 42-for-100 rights issue of 310.7 million new units at 25.8 cents per unit. The rights price was a 48.9% discount to the market price of the units on 50.5 cents at the time, and a 40.3% discount to the theoretical ex-rights price of 43.2 cents. The rights issue raised some $80.2 million in proceeds. In the same month, Sabana REIT said it would acquire three more properties costing $77 million. (See also: Sabana REIT&rsquo s purchase of Changi South property from Vibrant draws scrutiny) None of the three properties will be immediately yield accretive, despite two of them being purchased with income support packages. Sabana REIT is currently trading at a 28% discount to its net asset value, and at a DPU yield of 11.65%. |
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Observers
Elite |
04-Mar-2017 08:40
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Finally got some light at the end of the tunnels. The relationships as at the date of this notification are as follows: 1. e-Shang Infinity Cayman Limited, a company established in the Cayman Islands, is a wholly-owned subsidiary of e-Shang Jupiter Cayman Limited (" ES Jupiter" ), a company established in the Cayman Islands. 2. ES Jupiter, a company established in the Cayman Islands, is a 95.2% owned subsidiary of ESR Cayman Limited (" ESR" ), a company established in the Cayman Islands. 3. WP OCIM One LLC (&ldquo WP OCIM&rdquo ), a Delaware limited liability company, holds approximately 39.9% of the issued share capital of ESR. 4. WP X Investment VI Ltd. (&ldquo WP X IVI&rdquo ), a company established in the Cayman Islands, is the sole member of WP OCIM. 5. Warburg Pincus Private Equity X, L.P., a Delaware limited partnership, owns approximately 96.9% of WP X IVI. 6. Warburg Pincus X, L.P. (" WPXGP" ), a Delaware limited partnership, is the general partner of Warburg Pincus Private Equity X, L.P., together with its affiliated partnership (" WPX" ). 7. Warburg Pincus LLC (" WP LLC" ), a New York limited liability company, is the manager of WPX. 8. Warburg Pincus X GP L.P. (" WP X GP LP" ), a Delaware limited partnership, is the general partner of WPXGP. 9. WPP GP LLC (" WPP GP" ), a Delaware limited liability company, is the general partner of WP X GP LP. 10. Warburg Pincus Partners, L.P. (" WP Partners" ), a Delaware limited partnership, is the managing member of WPP GP. 11. Warburg Pincus Partners GP LLC (" WP Partners GP" ), a Delaware limited liability company, is the general partner of WP Partners. 12. Warburg Pincus & Co. (&ldquo WP&rdquo ), a New York general partnership, is the managing member of WP Partners GP. 13. Charles R. Kaye and Joseph P. Landy are each Managing General Partners of WP and Managing Members and Co-Chief Executive Officers of WP LLC and may be deemed to control the Warburg Pincus entities. Charles R. Kay
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HVRRVH
Elite |
03-Mar-2017 19:58
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I just want to point out that a new substantial shareholder has emerged today. Potential link to Cambridge reit. China link too. Interesting development and glad that I am still vested. | ||||
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HB8289
Master |
03-Mar-2017 11:03
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Belated News Industrial REITs generated a total return of +8.2% YTDIndustrial REITs within the SGX S-REIT index were amongst the best performers year-to-date with a market capitalisation weighted total return of 8.2% and 11.5% in the year-to-date and 1 year respectively. The SGX S-REIT index, used as a performance benchmark for Real Estate Investment Trusts (REITs) in Singapore, generated a total return of 6.0% year-to-date. The top three performing Industrial REITs in the year-to-date are Sabana Shari' ah Compliant Industrial REIT (+18.4%), Ascendas REIT (+11.9%) and Cambridge Industrial Trust (+9.3%) . The Industrial REIT sub-industry also forms the largest share in the SGX S-REIT index with eight out of 36 members and a total weightage of 26.5%.The table below details the eight Industrial REITs within the SGX S-REIT Index sorted by market cap. To see more details on each stock in SGX StockFacts click on the stock name. |
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laksaman57
Supreme |
03-Mar-2017 08:43
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Without shar'iah limit on type of tenants, those properties valuation maybe higher to sell | ||||
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mrwise
Supreme |
03-Mar-2017 08:42
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Looking to rise above $0.55 after Sale /or change in Manager...! |
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