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Home Investment cases Sabana REIT → Alpha Integrated REIT

2019–2026 · SGX · Industrial REIT

Sabana REIT → Alpha Integrated REIT

As the REIT's second-largest unitholder, Quarz Capital led a multi-year engagement: opposing a merger priced below net asset value, requisitioning unitholder meetings and replacing the external manager with an internal one.

Period
2019–2026
Market
SGX
Sector
Industrial REIT
News items
29

Our engagement

As second-largest unitholder, opposed a merger at a discount to NAV, requisitioned EGMs, won court rulings on sponsor voting and campaigned to replace the external manager.

Outcome

Merger voted down (2020). External manager replaced (2023). Board elected (2024). Internalisation completed and REIT renamed (2025).

Timeline

How it unfolded.

  1. 14 Nov 2019Quarz Capital proposes a merger of Sabana REIT and ESR-REIT on improved termsPR Newswire
  2. 14 Nov 2019Bloomberg: activist fund Quarz says Sabana REIT and ESR-REIT should mergeBloomberg
  3. 7 Aug 2020Quarz Capital and Black Crane say they will vote against the proposed Sabana–ESR mergerPR Newswire
  4. 18 Aug 2020Quarz Capital, Black Crane and more than 50 unitholders ask MAS for guidance on Sabana REIT mergerPR Newswire
  5. 11 Nov 2020Quarz Capital and Black Crane requisition an EGM and propose internalising Sabana REIT's managerSGX filing
  6. 3 Dec 2020Reuters: corporate Singapore faces a rare clash with activist fundsReuters
  7. 4 Dec 2020Sabana REIT unitholders vote down the proposed merger with ESR-REITDealStreetAsia
  8. 4 Dec 2020Bloomberg: Swiss-run activist fund succeeds in blocking a Singapore REIT mergerBloomberg
  9. 18 Mar 2021Quarz Capital and Black Crane seek answers from Sabana REIT's manager on board appointmentsPR Newswire
  10. 26 Mar 2021Quarz Capital and Black Crane publish an open letter to Sabana REIT's boardPR Newswire
  11. 8 Jul 2021Unitholders ask Sabana REIT's manager to hold the requisitioned EGM promptlyPR Newswire
  12. 2 Aug 2021Quarz Capital and Black Crane requisition an EGM on a Sabana REIT directorAsiaOne
  13. 13 Apr 2022Quarz Capital reaffirms its long-term alignment with Sabana REIT's independent unitholdersPR Newswire
  14. 20 Jan 2023Quarz Capital describes Volare Group's partial offer for Sabana REIT units as attractiveREITsWeek
  15. 21 Feb 2023Quarz Capital urges Sabana REIT's directors not to appoint a financial adviser for a partial offerMarketScreener
  16. 14 Apr 2023Quarz Capital urges votes against two resolutions at Sabana REIT's 2023 AGMPR Newswire
  17. 9 Jun 2023Unitholders requisition an EGM to replace Sabana REIT's external manager with an internal onePR Newswire
  18. 28 Jun 2023Unitholders call for the EGM resolutions on Sabana REIT's manager to be tabled without amendmentPR Newswire
  19. 5 Jul 2023Quarz Capital maintains that a simple majority should decide the removal of Sabana REIT's managerREITsWeek
  20. 2 Aug 2023Dr Wealth examines the dispute between Sabana REIT's manager and activist unitholdersDr Wealth
  21. 7 Aug 2023Sabana REIT unitholders vote to remove the external manager and move to internal managementMorningstar
  22. 6 Dec 2023Sabana REIT unitholders ask MAS and SGX RegCo for guidance on internalisation and sponsor votingPR Newswire
  23. 27 Feb 2024Requisitionists urge Sabana REIT unitholders to vote for all resolutions at the 8 March 2024 EGMPR Newswire
  24. 14 Jun 2024High Court rules that ESR has a material interest and cannot vote on internalisation amendmentsSingapore Courts (judgment)
  25. 4 Sep 2024Appellate court upholds ruling that ESR cannot vote on Sabana REIT's internalisation amendmentsSingapore Courts (judgment)
  26. 18 Oct 2024Unitholders elect all six requisitioned candidates to the board of Sabana REIT's internal managerThe Edge Singapore
  27. 22 Aug 2025Sabana REIT's new internal manager appoints its leadership team; Havard Chi joins the boardThe Edge Singapore
  28. 4 Nov 2025Sabana REIT completes internalisation and is renamed Alpha Integrated REITThe Edge Singapore
  29. 13 Feb 2026Alpha Integrated REIT reports higher distributions in its first full year after internalisationREITsWeek

Coverage

Original sources.

External links open third-party websites. Quarz Capital is not responsible for their content.

This summary describes Quarz Capital's public engagement and publicly reported outcomes. It is not a record of investment performance, does not indicate future results and is not a recommendation to buy or sell any security.