The trust manager of Sabana Shariah-compliant Reit has moved quickly to placate investors after a small group of unit holders began a campaign to get it fired. Sabana Real Estate Investment Management CEO Kevin Xayaraj yesterday told the media that he has reached out to the unhappy unit holders and made plans to meet them soon. He defended the manager’s performance, noting that the price of units in the industrial Reit had held up “relatively well” in the first three years after its IPO, before its master leases started to expire at the end of 2013. “It was only in the last three years that we had quite a number of leases that were not renewed, and many of them were converted into multi-tenanted leases. To find suitable, qualified anchor tenants, there are just not enough to go round in Singapore right now,” he said over the phone. He emphasised that the manager’s fee structure is “in line with market practice in the Singapore Reit sector”, and offered another perspective on the recently completed rights issue.... Continue Reading