Sabana Shari'ah REIT

[steadyvalue]

Don't see any need to change trust deed. In croesus case, the manager was also internalised with a simple majority vote. 

I believe the only outstanding part is resolution 2 part 4-6 which says amendment of trust deed to allow shareholders to appoint, remove and re-appoint directors.

But even that should be able to incorporate without changing trust deed as can be seen from croesus as well. Both are trusts.

Hi steadyvalue,

I beg to differ with you. Croesus Retail Trust is a business trust, not a REIT. You might ask, both are trusts so what is the difference?

A business trust is a hybrid structure consisting a company and a trust. Meaning, it is like a stapled structure. Since it already has a company in place in the structure, there is no need for amendment of trust deed for internalization. One can just fall back on the company side of the structure.

A REIT, however, is only a trust by itself, holding the underlying assets. The assets are managed separately by a manager. The wordings are really based on external manager structure, since they are supposed to be separate. Therefore, this needs to be changed for the purpose of internalization.

However, from the way the internal manager is directed to be setup, it will also likely be a stapled security as well. each unitholder will hold 1 unit of the reit and 1 unit of the manager. 

Link REIT and most of the australia reits all under this structure. In this way, there is no need to amend the trust deed.