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Time to internalize Manager
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luckyguy3
Master |
13-Feb-2026 09:31
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In 2017, ESR took over Cambridge Reit and rename it as ESR reit. 2017: ESR Reit NTA was 59.3 cents, DPU was 3.853 cents Sabana Reit NTA was 53 cents, DPU was 3.31 cents 2025: ESR Reit NTA is 25.5 cents, DPU is 2.19 cents (due to 10-1 consolidation, $2.55 is 25.5 cents based on prior to consolidation) Sabana Reit NTA is 53 cents, DPU is 3.53 cents. ESR Reit has been aggressively expanding and each time they promise NTA/DPU will benefit but each time we only see NTA/DPU drop and drop. Now they say they want to expand even more to $8billion. So go figure out what happens next.
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luckyguy3
Master |
13-Feb-2026 09:26
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I prepared a chart: ESR Reit vs Sabana Reit (2017 and 2025)
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Smallinvestor
Senior |
12-Feb-2026 16:39
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How so? How to aum up from 5bil to 8bil? Nav down and share price down more? | ||
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RickyCheng
Member |
09-Feb-2026 18:09
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https://www.businesstimes.com.sg/companies-markets/esr-reit-eyes-s8-billion-aum-over-five-years-targets-8-10-unitholder-returns?ref=home-skybox-6
ESR-Reit eyes S$8 billion AUM over five years, targets 8-10% unitholder returns.Ya, ya, ya, 😴 🥱 |
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Joelton
Supreme |
06-Feb-2026 09:56
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Maybank lowers FY2026 DPU by 3.8% on ESR-REIT due to &lsquo potential income vacuum&rsquo from divestments Analyst Liu Miaomiao of Maybank Securities is keeping her &ldquo buy&rdquo call on ESR-REIT at an unchanged target price of $3.00 following the REIT&rsquo s FY2025 ended December 2025 results. In the period, ESR-REIT&rsquo s dividend per unit (DPU) grew 3.4% y-o-y to 21.44 cents. Growth was underpinned by an 11.7% y-o-y increase in rental reversion, a 3 percentage point (ppts) y-o-y rise in net property income (NPI) margin and inorganic contributions. In the FY2025, ESR-REIT&rsquo s revenue grew 20.4% y-o-y to $446.0 million while NPI came in 25.6% higher y-o-y at $328.7 million. On a same-store basis, FY2025 NPI grew 2.7% y-o-y, driven by positive rental reversion, NPI contributions from completed asset enhancement initiatives (AEI) and lower utilities expenses. The improvement in rental reversion was thanks to strong demand observed in the high-spec and logistics segments. &ldquo Although around 28% of leases are due for expiry in FY2026 and largely marked to market, we expect rental reversion to moderate to mid-single digits,&rdquo writes Liu in her Feb 4 report. However, due to ongoing AEI, portfolio occupancy slid sequentially by 1.2 ppts. Occupancy stood at 91.1%, with the REIT&rsquo s management confident of improvement in the FY2026 following the divestment of Hotel Strata Lot and gradual backfilling at 16 Tai Seng to about 70%. Meanwhile, the Maybank analyst notes that on a pro-forma basis, gearing would be 38.5%, while cost of debt eased following the grant of an investment-grade rating. She writes: &ldquo We expect the income vacuum post divestment to be partially offset by higher occupancy, sustained midsingle-digit rental reversion, a potential Japan acquisition and capital top-ups. &ldquo Cost of debt fell further to 3.35% with guidance for flattish in FY2026 and about 3% in FY2027. Valuation for Singapore and Japan assets dipped due to land lease decay and depreciation of the Japanese Yen while the Australian dollar improved due to cap rate compression,&rdquo adds Liu. ESR-REIT has also divested $439.1 million of assets at prices of up to 3.5% premium to valuation. To this end, Liu notes that the REIT&rsquo s focus in the FY2026 will shift towards acquisitions in Japan, with equity fundraising unlikely to be an option. She writes: &ldquo The divestments are expected to complete by May, with income still flowing through until then. Organic growth from the completion of AEI at 16 and 29 Tai Seng Street will support topline growth.&rdquo &ldquo In addition, the redevelopment of 2 Fishery Port Road, with an estimated yield on cost of 7% and capital expenditure (capex) of about $200 million to $250 million, is expected to further unlock value,&rdquo adds the analyst. With this, Liu has lowered her cost of equity (COE) to 7.3% from 7.5%, in relation to lower risk-free rates and the REIT&rsquo s reduced gearing. The Maybank analyst has thus updated her valuation model to factor in ESR-REIT&rsquo s divestment of eight assets in December 2025 which are expected to completed this May, the divestment of Hotel Strata Lot with its completion period within this March and lastly, the ramp-up in occupancy at 16 Tai Seng Street. &ldquo We lower our FY2025/FY2026 DPU by 3.8% due to the potential income vacuum from the recent divestments, while maintaining our target price of $3.00 after applying a lower COE on the back of improved gearing,&rdquo writes Liu. She surmises: &ldquo While concerns remain over continued NAV erosion from short land tenures and the frictional DPU impact from ongoing portfolio reconstitution, we believe the relatively high yield, efforts to reduce assets with land tenure below 15 years to about 10% via divestments and a potential Japan acquisition more than compensate for these risks.&rdquo As at 5.11 pm, units in ESR-REIT are trading five cents lower at $2.70. |
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Smallinvestor
Senior |
05-Feb-2026 14:07
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BBQ le. 3 years ago nav was $3.20, now nav only $2.55 and likely to go down more. Dpu down from $0.30 to $0.21 only. AEI for fishery port need $200mil to $250mil and need few years to complete! | ||
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Joelton
Supreme |
04-Feb-2026 11:29
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ESR-REIT' s FY2025 total DPU rises 3.4% y-o-y to 21.914 cents ESR-REIT reported a 3.4% y-o-y rise total distribution per unit (DPU) of 21.914 cents for the 12 months to Dec 31, 2025, its FY2025. Core DPU increased by 7.6% to 21.440 cents, and accounted for approximately 98% of total DPU, underpinned by higher core earnings and improved asset performance. Gross revenue rose by 20.4% y-o-y to $446.0 million supported by ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14 (acquired on November 15 2024 and November 29 2024, respectively) and positive rental reversions from lease renewals. This was further supported by income contributions from 7002 Ang Mo Kio Avenue 5, 21B Senoko Loop and 16 Tai Seng Street, which completed their Asset Enhancement Initiatives (AEIs) in 3Q2023, 1Q2024 and 3Q2025, respectively. As a result, Net Property Income (NPI) in FY2025 rose by 25.6% y-o-y to $328.7 million. The total amount available for distribution to Unitholders rose 7.3% to $176.1 million in FY2025. The increase was driven by an 11.6% increase in core distributable income to S$172.3 million, supported by higher NPI, and partially offset by higher borrowing costs and perpetual securities costs incurred mainly to fund the acquisitions, non-controlling interests attributable to the 49% holders of 20 Tuas South Avenue 14, and higher tax expenses. Rental reversions rose by 11.7% in FY2025 led by the logistics (+12.4%) and high-specifications industrial (+22.2%) sectors, with occupancy remaining stable at 91.1% as at Dec 312025. In FY2025, a total of 463,760 sq m of space was leased, comprising 328,220 sqm of lease renewals (70.8% of total leases) and 135,540 sq m of new leases (29.2% of total leases). ESR-REIT&rsquo s weighted average lease expiry (WALE) as at Dec 31 2025 was 4.4 years, while rental collections remained healthy at approximately 98.7% of total receivables. On July 18 2025, ESR-REIT achieved TOP status for the AEI at 16 Tai Seng Street, Singapore, adding 2,793 sq m of high-specifications industrial space, an increase in plot ratio from 3.08 to 3.50, and an expansion of total gross floor area to approximately 22,800 sq m. The enhanced asset has attained BCA Green Mark Gold certification and achieved approximately 50% occupancy as at end-December 2025, and the Manager is in advanced discussion with both new and existing tenants, including potential anchor tenants from the pharmaceutical and food production sectors exploring expansion. In parallel, the Manager commenced the AEI at 29 Tai Seng Street, which involves the conversion of a single-tenanted general industrial building into a Green Mark Gold PLUS-certified, multi-tenanted high-specifications industrial asset. The project is expected to deliver a yield on cost of approximately 6.4%. As at end-December 2025, the AEI was approximately 76% completed and remains on track for completion in 1H2026. In FY2025, ESR-REIT progressed its portfolio rejuvenation strategy through the divestment of two noncore assets with an aggregate value of $16.7 million at 2.3% above valuation, and the announcement in December 2025 of the proposed divestment of eight non-core assets with an aggregate value of $338.1 million at 2.0% above valuation. These divestments underscore the Manager&rsquo s disciplined approach to actively identifying and divesting non-core assets, with proceeds earmarked for recycling into modern, high-quality assets that align with evolving tenant demand. In January 2026, ESR-REIT announced the divestment of the non-core Hotel Strata Lot at ESR BizPark @ Changi at valuation for $101.0 million while retaining ownership of the business park, retail and convention centre components, preserving the core income-generating assets within the integrated development. Upon completion of these divestments, the portfolio&rsquo s land lease profile is expected to improve meaningfully, with the proportion of assets with less than 15 years of remaining land lease reducing from 11.9% to 10.8%, while Weighted Average Land Lease will be extended from 43.6 years to 48.0 years. ESR-REIT&rsquo s gearing stood at 43.4% as at end-December. Upon completion of the recently announced divestments and assuming net proceeds are used for debt repayment, gearing on a proforma basis is expected to be 38.5%. The MAS interest coverage ratio stood at 2.5x, comfortably above the regulatory minimum of 1.5x, demonstrating robust debt servicing capacity. As at end-December 2025, ESR-REIT&rsquo s all-in cost of debt declined to 3.35% down from 3.84% a year ago. In FY2025, ESR-REIT was also assigned an investment grade &lsquo BBB&rsquo credit rating with a &lsquo Stable&rsquo outlook by Fitch Ratings, reaffirming its strong financial resilience and enhancing further capital optimisation. Refinancing of the FY2026 SGD term loan and revolving credit facility have been secured at 30 bps lower margins and longer tenor, reducing interest cost and lengthening debt expiry profile. As at December 31, 2025, approximately 68.4% of ESR-REIT&rsquo s debt is on fixed interest rates, providing protection against interest rate volatility and ESR-REIT&rsquo s debt maturity profile remains well-staggered, with no more than approximately 29% of loan expiries in any single year and a weighted average debt expiry of 1.9 years. ESR-REIT also maintains a strong liquidity position with $701.4 million in debt headroom with approximately $161 million in committed undrawn revolving credit facilities and continues to be supported by a diversified network of 10 lending banks. ESR-REIT has unveiled its Total Return Strategy to drive sustainable income growth and long-term capital value creation over the next phase of growth. The strategy targets total Unitholder return of approximately 8&ndash 10% and aims to grow target AUM to $8.0 billion over the next five years, supported by active portfolio management and disciplined capital allocation. The Total Return Strategy is anchored on five key pillars: 1) Active asset management, including initiatives to address short land lease assets and rejuvenate the portfolio through AEIs and selective redevelopments. 2) Increase target AUM to $8.0 billion, capturing the benefits of scale and improved liquidity, through a combination of organic growth from redevelopments and accretive acquisitions. 3) ESR-REIT will retain its core focus in Singapore, which is expected to continue representing more than 50% of portfolio value, while selectively pursuing compelling international opportunities. 4) ESR-REIT is ESR&rsquo s flagship regional listed vehicle, and will continue to leverage its Sponsor, ESR&rsquo s pipeline and established presence across developed Asia-Pacific markets, while exploring selected opportunities in other developed markets. 5) ESR-REIT will maintain prudent leverage, with a target gearing range in the mid-30% to low 40% range, supported by selective divestments of non-core assets, active capital recycling, internal cash flows, and disciplined balance sheet management across the cycle. |
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Joelton
Supreme |
04-Feb-2026 11:27
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ESR-REIT' s FY2025 total DPU rises 3.4% y-o-y to 21.914 cents ESR-REIT reported a 3.4% y-o-y rise total distribution per unit (DPU) of 21.914 cents for the 12 months to Dec 31, 2025, its FY2025. Core DPU increased by 7.6% to 21.440 cents, and accounted for approximately 98% of total DPU, underpinned by higher core earnings and improved asset performance. Gross revenue rose by 20.4% y-o-y to $446.0 million supported by ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14 (acquired on November 15 2024 and November 29 2024, respectively) and positive rental reversions from lease renewals. This was further supported by income contributions from 7002 Ang Mo Kio Avenue 5, 21B Senoko Loop and 16 Tai Seng Street, which completed their Asset Enhancement Initiatives (AEIs) in 3Q2023, 1Q2024 and 3Q2025, respectively. As a result, Net Property Income (NPI) in FY2025 rose by 25.6% y-o-y to $328.7 million. The total amount available for distribution to Unitholders rose 7.3% to $176.1 million in FY2025. The increase was driven by an 11.6% increase in core distributable income to S$172.3 million, supported by higher NPI, and partially offset by higher borrowing costs and perpetual securities costs incurred mainly to fund the acquisitions, non-controlling interests attributable to the 49% holders of 20 Tuas South Avenue 14, and higher tax expenses. Rental reversions rose by 11.7% in FY2025 led by the logistics (+12.4%) and high-specifications industrial (+22.2%) sectors, with occupancy remaining stable at 91.1% as at Dec 312025. In FY2025, a total of 463,760 sq m of space was leased, comprising 328,220 sqm of lease renewals (70.8% of total leases) and 135,540 sq m of new leases (29.2% of total leases). ESR-REIT&rsquo s weighted average lease expiry (WALE) as at Dec 31 2025 was 4.4 years, while rental collections remained healthy at approximately 98.7% of total receivables. On July 18 2025, ESR-REIT achieved TOP status for the AEI at 16 Tai Seng Street, Singapore, adding 2,793 sq m of high-specifications industrial space, an increase in plot ratio from 3.08 to 3.50, and an expansion of total gross floor area to approximately 22,800 sq m. The enhanced asset has attained BCA Green Mark Gold certification and achieved approximately 50% occupancy as at end-December 2025, and the Manager is in advanced discussion with both new and existing tenants, including potential anchor tenants from the pharmaceutical and food production sectors exploring expansion. In parallel, the Manager commenced the AEI at 29 Tai Seng Street, which involves the conversion of a single-tenanted general industrial building into a Green Mark Gold PLUS-certified, multi-tenanted high-specifications industrial asset. The project is expected to deliver a yield on cost of approximately 6.4%. As at end-December 2025, the AEI was approximately 76% completed and remains on track for completion in 1H2026. In FY2025, ESR-REIT progressed its portfolio rejuvenation strategy through the divestment of two noncore assets with an aggregate value of $16.7 million at 2.3% above valuation, and the announcement in December 2025 of the proposed divestment of eight non-core assets with an aggregate value of $338.1 million at 2.0% above valuation. These divestments underscore the Manager&rsquo s disciplined approach to actively identifying and divesting non-core assets, with proceeds earmarked for recycling into modern, high-quality assets that align with evolving tenant demand. In January 2026, ESR-REIT announced the divestment of the non-core Hotel Strata Lot at ESR BizPark @ Changi at valuation for $101.0 million while retaining ownership of the business park, retail and convention centre components, preserving the core income-generating assets within the integrated development. Upon completion of these divestments, the portfolio&rsquo s land lease profile is expected to improve meaningfully, with the proportion of assets with less than 15 years of remaining land lease reducing from 11.9% to 10.8%, while Weighted Average Land Lease will be extended from 43.6 years to 48.0 years. ESR-REIT&rsquo s gearing stood at 43.4% as at end-December. Upon completion of the recently announced divestments and assuming net proceeds are used for debt repayment, gearing on a proforma basis is expected to be 38.5%. The MAS interest coverage ratio stood at 2.5x, comfortably above the regulatory minimum of 1.5x, demonstrating robust debt servicing capacity. As at end-December 2025, ESR-REIT&rsquo s all-in cost of debt declined to 3.35% down from 3.84% a year ago. In FY2025, ESR-REIT was also assigned an investment grade &lsquo BBB&rsquo credit rating with a &lsquo Stable&rsquo outlook by Fitch Ratings, reaffirming its strong financial resilience and enhancing further capital optimisation. Refinancing of the FY2026 SGD term loan and revolving credit facility have been secured at 30 bps lower margins and longer tenor, reducing interest cost and lengthening debt expiry profile. As at December 31, 2025, approximately 68.4% of ESR-REIT&rsquo s debt is on fixed interest rates, providing protection against interest rate volatility and ESR-REIT&rsquo s debt maturity profile remains well-staggered, with no more than approximately 29% of loan expiries in any single year and a weighted average debt expiry of 1.9 years. ESR-REIT also maintains a strong liquidity position with $701.4 million in debt headroom with approximately $161 million in committed undrawn revolving credit facilities and continues to be supported by a diversified network of 10 lending banks. ESR-REIT has unveiled its Total Return Strategy to drive sustainable income growth and long-term capital value creation over the next phase of growth. The strategy targets total Unitholder return of approximately 8&ndash 10% and aims to grow target AUM to $8.0 billion over the next five years, supported by active portfolio management and disciplined capital allocation. The Total Return Strategy is anchored on five key pillars: 1) Active asset management, including initiatives to address short land lease assets and rejuvenate the portfolio through AEIs and selective redevelopments. 2) Increase target AUM to $8.0 billion, capturing the benefits of scale and improved liquidity, through a combination of organic growth from redevelopments and accretive acquisitions. 3) ESR-REIT will retain its core focus in Singapore, which is expected to continue representing more than 50% of portfolio value, while selectively pursuing compelling international opportunities. 4) ESR-REIT is ESR&rsquo s flagship regional listed vehicle, and will continue to leverage its Sponsor, ESR&rsquo s pipeline and established presence across developed Asia-Pacific markets, while exploring selected opportunities in other developed markets. 5) ESR-REIT will maintain prudent leverage, with a target gearing range in the mid-30% to low 40% range, supported by selective divestments of non-core assets, active capital recycling, internal cash flows, and disciplined balance sheet management across the cycle. |
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Smallinvestor
Senior |
31-Jan-2026 01:30
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Co-living operator Coliwoo has inked a deal to acquire a hotel property from ESR-Real Estate Investment Trust : 9A4U -0.36% (Reit) for about S$101 million. The deal, announced on Friday (Jan 30) through a bourse filing, involves the hotel strata lot located at 2 Changi Business Park Avenue 1. The lot comprises a hotel block featuring more than 250 rooms and retail space at the ground floor. The property used to be occupied by hotel Park Avenue Changi. | ||
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Alignment
Elite |
01-Jan-2026 09:23
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The company' s share price has collasped for so long not easy to turn around a tanker that quickly. Let' s see. Ever since the failed acquisition of Sabana/Alpha, ESR has been a sinking ship whereas Sabana/Alpha has outperformed significantly, ESR has been selling its other manager vehicles - perhaps it will do so here as well rather than try to fight on. | ||
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Smallinvestor
Senior |
28-Dec-2025 02:27
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Can first see my past comment below. As of now, I think esr reit is making a good move to diversify those properties with not many years of lease left or properties that cannot generate good income. Dilutive of dividend is inevitable but good thing is the dilutive of the dividend is not a lot(see the recent news). Based on my own calculations with reference to the recent news(please do your own due diligence), Nav still the same after the divestment(i am not sure why, maybe due to exchange rate), Dpu will drop 4% based on 2024 calculations. "I think" dividend will still have around $0.215 (after the divestment) which have not include rental revision, lower lending cost etc. Therefore dpu based on price now of $2.70 should have around 7.9% to 8%. Gearing will drop from 42.8 to 39.2. As of the near future, I personally think reits with good fundamental will be safer as fed is lowering interest rate. Cost of loan may eventually be lower, which could increase the dpu. Currently tbill, fd, ssb are all below 2% and seem like it is going down more. Where reit return is around 5 to 9%. So where will investor or saver choose to put their money? Esr reit fundamental seems to be better now with gearing lower & lease decay seems better now. Not sure if the nav will increase(due to forex, inflation etc). Japan hiking interest rate(not sure if yen will up?). If after Aei completion, it may help to contribute more in income. Rental revision in coming years? Maybe esr may still need to (gradually) divest some more of the properties with not many years of lease left. Also the business park.........? Ya and the Fishery port, still no update yet. Current earning without fishery port still got around 8 percent dpu. | ||
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Alignment
Elite |
26-Dec-2025 06:47
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It' s not surprising that these disposals are DPU dilutive. It would make sense because they have the shortest leaseholds, a point I remember you emphasised in the past. To me it is more interesting that the deals firm up the company' s NAV of $2.61, which suggests the market is currently correctly pricing the share. | ||
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luckyguy3
Master |
22-Dec-2025 08:49
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Need I say more?
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Alignment
Elite |
22-Dec-2025 07:45
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Interesting that Brookfield willing fo buy these assets with a short remaining lease life at NAV. That is better than what I would have thought possible. | ||
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Joelton
Supreme |
15-Dec-2025 10:30
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ESR-Reit sells eight non-core Singapore assets for S$338.1 million in distribution dilutive divestment
The move is part of Reit&rsquo s strategy to offload non-core assets, particularly those suffering lease decay
[SINGAPORE] The manager of ESR-Reit on Monday (Dec 15) has signed a deal to divest eight non-core Singapore assets for S$338.1 million as part of its ongoing portfolio rejuvenation and capital recycling efforts.
The sale to unrelated third parties represents a 2 per cent premium to the independent valuation of the properties as at Nov 30, and is expected to lower distribution. The buyers are managed by affiliates of Brookfield Asset Management.
&ldquo By realising value from non-core assets, we continue to reduce the impact of land lease decay on our net asset value,&rdquo said Adrian Chui, CEO and executive director of the manager.
The properties at 46A Tanjong Penjuru, 86 and 88 International Road, 120 Pioneer Road, 21 and 23 Ubi Road 1, 24 Jurong Port Road, 13 Jalan Terusan, 60 Tuas South Street 1, and 43 Tuas View Circuit have a remaining weighted average leasehold of 22.4 years as at Sep 30, 2025.
&ldquo Through enhancing our balance sheet strength, ESR-Reit is better positioned to pursue new, value-accretive new economy opportunities though asset enhancement initiatives, redevelopments and acquisitions.&rdquo
Four of the properties to be divested have land leases of about 13 years or less, with the manager stating that the divestment will &ldquo meaningfully reduce ESR-Reit&rsquo s exposure to such assets with short land lease tenures.&rdquo
Had the divestments been completed by Sep 30, the Reit&rsquo s portfolio&rsquo s weighted average remaining land lease would have improved from 43.3 years to 44.8 years.
For the Singapore portfolio specifically, weighted average remaining land lease would have improved from 31.0 years to 31.8 years and the weighted average lease expiry would have increased from 4.1 years to 4.3 years.
ESR-Reit&rsquo s manager added that 13.2 per cent of the Reit&rsquo s portfolio comprises assets with remaining land leases of less than 15 years as at Sep 30. Upon completion of the proposed divestment, this figure projected to shrink to 11.8 per cent of the portfolio.
Pro forma estimates
If the divestment had been completed on 1 January 2024, the Reit&rsquo s distribution per unit for the 2024 financial year would have dropped 4.1 per cent, from S$0.211903 to S$0.20323.
Assuming all net proceeds were used to repay existing debt, ESR-Reit&rsquo s pro forma aggregate leverage as at the end of 2024 would have fallen from 42.8 per cent to about 39.2 per cent.
This would improve ESR-Reit&rsquo s pro forma debt headroom from S$790.2 million to about S$1.1 billion, providing &ldquo substantial financial flexibility&rdquo to pursue yield accretive investment opportunities, said the manager.
In addition, ESR-Reit&rsquo s pro forma interest coverage ratio for the trailing 12 months as at 31 December 2024 would have improved from 2.5 times to 2.6 times, further strengthening the Reit&rsquo s capital structure.
The net asset value per unit would be unaffected at S$2.754, while its pro forma aggregate leverage would have decreased from 42.8 per cent to about 39.2 per cent.
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Alignment
Elite |
12-Nov-2025 11:40
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Yes you need to adjust what you think is the appropriate DPU yield to factor in the lower lease life. And that is why despite the high DPU yield the company trades at a premium to NAV (because the NAV calculation has already factored in the lower lease life). | ||
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Smallinvestor
Senior |
12-Nov-2025 01:58
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When free, can go to esr reit website and see the portfolio. There are few properties, the lease left not many years. (To some, quite a lot of properties in terms of percentage) | ||
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Alignment
Elite |
10-Nov-2025 12:15
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Not so easy to kick out a manager unless you have motivated investors willing to spend serious money to pursue a campaign. It took years for the activist investors in Sabana to build up a position and to prepare the groundwork. Also you needed a serious undervaluation situation to be in place in order to attract investors motivated to do this. Sabana was seriously undervalued at the time. Is that the case here? Personally I am not sure yes or no.
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luckyguy3
Master |
05-Nov-2025 18:20
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Thanks so muc to report 1362945 toxic behavior
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asianguy
Senior |
05-Nov-2025 18:16
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In 2020 when ESR was trying to acquire Sabana, their share price were around 39 cents and 37 cents respectively. Today Sabana share price is 47.5 cents with NAV remain intact at 51 cents However, ESR share price has dropped from 39 to 28 cents (assume no share consolidation) and NAV drop from 41 cents to 26 cents. I have managed to re-coup my paper loss on Sabana but ESR is sitting on 40% paper loss, ESR REIT manager is destroying the value of REIT at the expense of unit holders. It Is Time to internalize Manager, as the forum title suggested and recent internalisation of Sabana result has proven this, with more saving/upside going forward. Hope there is activists like ' Quarz Capital' here to stand out to champion this path, I am sure there are no lack of supporters. |
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