The Manager has verified the unitholding of the Requisitionist and wishes to inform unitholders of Sabana Industrial REIT (“Unitholders”) that it will convene an extraordinary general meeting (“EGM”) pursuant to the Requisition Notice, with the EGM to be held in accordance to paragraph 4.2 of the Property Funds Appendix read with Section 176 of the Companies Act 1967. The details of the EGM are as follows:

Date : Friday, 4 August 2023
Time : 2.00 p.m. – 4.00 p.m.
Location : Hope@New Tech Park, 151 Lorong Chuan, #02-06 (Lobby F) Singapore 556741

The notice of EGM as well as a circular setting out, among others, details of the resolutions to be tabled at the EGM and other material information relating to the resolutions will be issued to Unitholders in due course in accordance with the relevant notice period required under the trust deed of Sabana Industrial REIT.

Quarz will hold a webinar for all unitholders on Thursday 6th of July 2023 at 8.00pm

Link to webinars is: https://us02web.zoom.us/j/88970799227 (Meeting ID 889 7079 9227)
Join Telegram Group: https://t.me/savesabanareit for more updates and information.
YouTube link to video: https://youtu.be/ASC7VqiAo6

Please contact us: +65 8684 6968 for any assistance.

Quarz Capital Response to Sabana External Manager and ESR Letters:

https://links.sgx.com/FileOpen/Quarz%20Capi...t&FileID=763824
For more info, visit http://www.savesabanareit.com/

the Manager wishes to announce that the independent auditor’s report (the “Independent Auditor’s Report”) issued by ECW’s external auditors to the unitholders of ECW ("Unitholders") on the financial statements of ECW (“Financial Statements”) for the financial year ended 31 December 2022 (“FY2022”) included an emphasis of matter in respect of material uncertainty relating to the ability of ECW and its subsidiaries (collectively, the “Group”) to continue as going concerns.

The reason for this is set out in the Independent Auditor’s Report, which states, “As disclosed in Note 2.1 to the financial statements, as at 31 December 2022, the current liabilities of the Group and ECW exceeded their current assets by S$234.1 million and S$131.0 million respectively. The Group’s current liabilities include bank borrowings of S$139.2 million due for repayment by 31 December 2022 which remains unpaid. These events or conditions, along with other matters as set forth in Note 2.1, indicate that a material uncertainty exists that may cast significant doubt on the ability of the Group and of ECW to continue as going concerns.”

The Manager would like to highlight that the audit opinion in the Independent Auditors’ Report remains unmodified. The Independent Auditor’s Report and the Financial Statements form part of ECW’s Annual Report for FY2022. Unitholders of ECW are advised to read this announcement in conjunction with the Annual Report for FY2022.

Due to the decrease in the valuation of the investment properties listed above and the weakening of renminbi against Singapore dollar, United States dollar and Hong Kong dollar in which the Trust’s offshore loans are denominated, there has been a breach of the gearing ratio, interest coverage ratio and loan to valuation ratio which the Trust is obliged to maintain under its Offshore Facilities as announced on 24 April 2023.

The Trustee-Manager is seeking a waiver from the lenders of any breach of the financial covenants and approval from the lenders to re-set the financial covenants as part of the discussions with the lenders to restructure and reschedule the Group’s debt obligations.

ESR response to open letter dated 28 June 2023

https://links.sgx.com/FileOpen/ESR%20respon...t&FileID=764022

The Board wishes to update that, on 5 July 2023, ZZC and the Trustee-Manager filed their respective Defences to THL’s Counterclaim. Both ZZC and the Trustee-Manager have
essentially denied THL’s Counterclaim.

IREIT Global Group Pte. Ltd., in its capacity as the manager of IREIT Global (“IREIT”, and as manager of IREIT, the “Manager”), is pleased to announce it has secured a lease extension with the long-term main tenant at Berlin Campus (the “Property”).

The main tenant of the Property, Deutsche Rentenversicherung Bund (“DRV”), has been occupying the Property for 28 years since 1995. As at 31 March 2023, the lease with DRV at the Property constitutes approximately 24.0% of IREIT’s total gross rental income. Ahead of DRV’s lease expiry on 30 June 2024, the Manager has successfully negotiated and signed a lease addendum with DRV to extend its lease further by another six months until 31 December 2024. In addition, DRV will pay a revised rent that is approximately 45% higher than its current office rent from 1 July 2024 onwards.

DRV would also need to pay a lump-sum amount of €15.5 million, equivalent to over 16 months of its total current rent, as compensation for the dilapidation costs to reinstate Berlin Campus back to its original state should DRV vacate the Property at the end of the extended lease term. Including the higher revised rent, DRV will pay a total additional amount equivalent to approximately 18.5 months of its total current rent, allowing the Manager to initiate its repositioning strategy of Berlin Campus into a multi-let asset.

DECLINE IN VALUATIONS RESULTING IN BREACH OF FINANCIAL COVENANTS AND IMPACT ON DISTRIBUTIONS

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The real estate valuation of the portfolio of Manulife US REIT has declined by 14.6% or US$279.95 million to US$1,633.55 million (versus US$1,913.5 million as at 31 December 2022)1.

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Financial Impact

Manulife US REIT has exceeded its aggregate leverage limit which, as explained below, is not a breach or default of the Property Funds Appendix. However, Manulife US REIT has breached
a financial covenant in some of its financing documents relating to the ratio of unencumbered debt to unencumbered assets. Its net asset value has decreased as a result of the decrease in
property values as noted above.

MUST trading halted today... and announced:
More details can be found in the SGX announcement link: https://links.sgx.com/FileOpen/MUST%20-%20D...t&FileID=765679

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In this regard, the Manager wishes to update Unitholders that there is a change in the date and time of the EGM. The EGM will be held at 10.00 a.m. on Monday, 7 August 2023 instead  of 4 August 2023 at 2.00 p.m. as previously announced on 28 June 2023.

For the avoidance of doubt, the new date of the EGM will still be within the two-month requirement prescribed under Section 176 of the Companies Act.

The updated details of the EGM are as follows:

Date : Monday, 7 August 2023
Time : 10.00 a.m.
Location : Hope@New Tech Park, 151 Lorong Chuan, #02-06 (Lobby F) Singapore 556741

The Manager will issue the notice of EGM (the “Notice of EGM”) and the accompanying circular to Unitholders (the “Circular”) in relation to the Requisition as soon as practicable. A separate announcement will be made by the Manager on the SGXNET on the despatch of the Notice of EGM and the Circular in due course.