Proxy advisers Glass Lewis, ISS recommend proposed merger of Sabana and ESR-Reit

Merger could give Reit better positioning, bargaining power

Published Fri, Nov 27, 2020 · 09:50 PM

Singapore

PROXY advisers Glass Lewis and ISS have issued recommendations in favour of the resolutions up for voting at the upcoming extraordinary general meeting (EGM) and scheme meeting of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and ESR-Reit on Dec 4, which includes unitholders voting for the proposed merger of the two real estate investment trusts (Reits).

In a report published on Nov 21, ISS said that that the creation of an enlarged ESR-Reit, which creates a "more diverse portfolio with added scale for the businesses…