Sabana REIT-ESR-REIT merger gets voted down

Only 66.67% of Sabana REIT unitholders agreed to amend the trust deed.

The proposed merger between Sabana REIT and ESR-REIT has fallen through, according to the results of the voting done on 4 December.

Sabana REIT announced that only 66.67% voted in favour of amending the trust deed, whilst 33.33% voted against, thus failing to meet the 75% requirement for a merger to proceed.

"Whilst we believe the merger has a compelling strategic rationale, unitholders have expressed that they prefer Sabana REIT to remain as a standalone REIT," Sabana REIT Chief Executive Officer Donald Han said.

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