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Sabana Shari'ah REIT
24-11-2018, 03:25 PM. (This post was last modified: 24-11-2018, 03:25 PM by weijian.)
Post: #941
RE: Sabana Shari'ah REIT
Blackwood is one of the 3 owners of the Manager (Sabana Real Estate Investment Management) and this probably is the prelude for Vibrant to sell off to ESR.

TRANSACTION IN RELATION TO SHARES IN THE MANAGER

http://infopub.sgx.com/FileOpen/Sabana_S...eID=534836

http://www.sabana-reit.com/the-manager.html

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08-04-2020, 09:28 AM.
Post: #942
RE: Sabana Shari'ah REIT
Tycoon also selling REITs

ESR
https://links.sgx.com/1.0.0/corporate-an....final.pdf

Sabana
https://links.sgx.com/1.0.0/corporate-an...47c1ade7a4

IREIT - cleared
https://links.sgx.com/1.0.0/corporate-an...U958PA1NP3
=========== Signature ===========
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster

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16-07-2020, 08:17 AM. (This post was last modified: 16-07-2020, 08:17 AM by weijian.)
Post: #943
RE: Sabana Shari'ah REIT
There goes the Shariah compliant....But nonetheless, from cost perspective, sensible move.

ESR-REIT and Sabana REIT Announce Proposed Merger

The ESR-REIT Manager does not intend to retain Sabana REIT's Shari'ah compliant status

Announcement: https://links.sgx.com/FileOpen/Joint_Ann...eID=623897
PR: https://links.sgx.com/FileOpen/PressRele...eID=623899
Presentation: https://links.sgx.com/FileOpen/SabanaREI...eID=623898

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21-07-2020, 09:04 PM.
Post: #944
RE: Sabana Shari'ah REIT
(16-07-2020, 08:17 AM)weijian Wrote: There goes the Shariah compliant....But nonetheless, from cost perspective, sensible move.

ESR-REIT and Sabana REIT Announce Proposed Merger

The ESR-REIT Manager does not intend to retain Sabana REIT's Shari'ah compliant status

Announcement: https://links.sgx.com/FileOpen/Joint_Ann...eID=623897
PR: https://links.sgx.com/FileOpen/PressRele...eID=623899
Presentation: https://links.sgx.com/FileOpen/SabanaREI...eID=623898

so I invested in Sabana because of its discount to NAV and now I get for each Sabana with 53 cents NAV 0.94 ESR with a NAV of 41 cents ?  Dodgy
Another great deal from the Singapore Thieves Market  Angry

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21-07-2020, 11:08 PM.
Post: #945
RE: Sabana Shari'ah REIT
(21-07-2020, 09:04 PM)Gaudente Wrote:
(16-07-2020, 08:17 AM)weijian Wrote: There goes the Shariah compliant....But nonetheless, from cost perspective, sensible move.

ESR-REIT and Sabana REIT Announce Proposed Merger

The ESR-REIT Manager does not intend to retain Sabana REIT's Shari'ah compliant status

Announcement: https://links.sgx.com/FileOpen/Joint_Ann...eID=623897
PR: https://links.sgx.com/FileOpen/PressRele...eID=623899
Presentation: https://links.sgx.com/FileOpen/SabanaREI...eID=623898

so I invested in Sabana because of its discount to NAV and now I get for each Sabana with 53 cents NAV 0.94 ESR with a NAV of 41 cents ?  Dodgy
Another great deal from the Singapore Thieves Market  Angry

If investing in discount to NAV stocks is a sure-win way, or to a lesser extent a highly probable way to earn money - then i guess there wouldn't be so many people trying to peddle their secrets of how to earn money.

I think as an OPMI, we may have to be able to differentiate between our ability to take risk and our desire for profits. Sometimes, when i say i have an appetite for risk, i realized later on that it was just an euphemism (created exclusively by myself for myself) to disguise the desire for profits.

But make no mistake, I still believe there is some truth about investing profitably based on "discount to NAV". But for a start, I will have to make sure I do not get anchored by a NAV number that could turn out to be a mirage, due to a misalignment in incentives (ditto to Activist Speaks for digging these out in the earlier Sabana REIT posts)

https://www.valuebuddies.com/thread-75-p...#pid158876

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23-07-2020, 06:31 PM.
Post: #946
RE: Sabana Shari'ah REIT
Hi all,

We are setting up a community for Sabana unitholders to discuss about the transaction. If you are interested to be added to the community/updates, Please email to:

savesabanareit@gmail.com

to receive more information.

Thank you.

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31-07-2020, 09:32 AM. (This post was last modified: 31-07-2020, 09:32 AM by weijian.)
Post: #947
RE: Sabana Shari'ah REIT
To be honest, Quarz should know that only high quality assets will trade at or above NAV for REITS (based on the way that REITs does their accounting). The Market is not stupid.

I reckon that they are just pushing for a better deal since the interested parties can't vote and this is done as a SOA with a 75% hurdle.

Quarz to Sabana Reit manager: Will you sell your personal property at a 25% discount to book?

NOT everyone is pleased with ESR-Reit’s offer to buy out unit holders of Sabana Reit, and one investor is arguing that the implied offer price – which represents a 26 per cent discount to Sabana Reit’s book value – is too low.

Activist fund Quarz Capital Management told The Business Times on Thursday: “Unless the management of Sabana Reit’s manager shows that they are willing to sell their personal properties at a 25 per cent discount to valuation, we are puzzled why they would propose to merge Sabana Reit at a 25 per cent discount to book value.”

https://www.businesstimes.com.sg/compani...5-discount

Quartz Nov2019 appeal to merge at NAV: https://www.quarzcapital.com/en/research/sabana-reit

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31-07-2020, 11:31 AM.
Post: #948
RE: Sabana Shari'ah REIT
(31-07-2020, 09:32 AM)weijian Wrote: To be honest, Quarz should know that only high quality assets will trade at or above NAV for REITS (based on the way that REITs does their accounting). The Market is not stupid.

I reckon that they are just pushing for a better deal since the interested parties can't vote and this is done as a SOA with a 75% hurdle.

Quarz to Sabana Reit manager: Will you sell your personal property at a 25% discount to book?

NOT everyone is pleased with ESR-Reit’s offer to buy out unit holders of Sabana Reit, and one investor is arguing that the implied offer price – which represents a 26 per cent discount to Sabana Reit’s book value – is too low.

Activist fund Quarz Capital Management told The Business Times on Thursday: “Unless the management of Sabana Reit’s manager shows that they are willing to sell their personal properties at a 25 per cent discount to valuation, we are puzzled why they would propose to merge Sabana Reit at a 25 per cent discount to book value.”

https://www.businesstimes.com.sg/compani...5-discount

Quartz Nov2019 appeal to merge at NAV: https://www.quarzcapital.com/en/research/sabana-reit

And also this scheme is not that different from the one proposed by Quartz in Nov 19

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Yesterday, 08:32 AM. (This post was last modified: Yesterday, 08:32 AM by weijian.)
Post: #949
RE: Sabana Shari'ah REIT
So ESR tries to reset the narrative - This is NOT a sale. This is a merger at fair valuation based on what the market price indicated.

RESPONSE TO BUSINESS TIMES ARTICLE

It is important to note that the existing Sabana REIT portfolio has consistently traded at a discount to NAV in recent years – in the same BT article, DBS Group Research observed that Sabana REIT has traded with a five-year mean discount to NAV of 26.4%

https://links.sgx.com/FileOpen/Sabana_SG...eID=626286

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