Sabana Industrial Real Estate Investment Trust (M1GU) said its incoming internalised manager has obtained a Capital Markets Services licence for real estate investment trust management from the Monetary Authority of Singapore.

HSBC Institutional Trust Services (Singapore), the trustee of the REIT, added that it is working with the newly licensed manager to complete the remaining internalisation workstreams, with the appointment of the manager currently expected before the end of the year.

The trustee reminded unitholders that, with the licence in place, any party seeking to obtain effective control of the new manager—defined as holding or controlling 20% or more of Sabana Industrial REIT’s units—must first secure MAS approval under Section 97A of the Securities and Futures Act.

Upon the manager’s formal appointment, unitholders will also be required to notify the manager if their deemed interest in its shares hits or crosses 15%, 30%, 50% or 75% thresholds within two business days, using MAS Form 5 and Form C, in line with Section 137ZA of the SFA.

Failure to meet these obligations could lead to regulatory penalties or, in extreme cases, revocation of the new manager’s CMS licence, the trustee said. Further updates will be released via SGXNet.