Glass Buildings



We have prepared an Open Letter to MAS and SGX RegCo to highlight the Issues around the Sabana and ESR Reit merger and to openly ask for public clarity, guidance and support from the Singapore Regulators to protect minority unitholders and ensure the high standards of corporate governance in Singapore are met in this potential merger.

Voice your support by signing the open letter:

  1. Print, fill out last page and sign (Page 10)

  2. Whatsapp Photo to +65 8684 6968 or Email Scan/Photo to

Data Privacy/Collection Disclaimer

By clicking "Submit"below, YOU consent to the collection, use and disclosure of YOUR personal (i.e. email, name, unitholdings) data for the purposes of: 

(a) receiving calls, emails, updates and information and communication regarding matters relating to Sabana REIT; 

(b) organizing and contacting unitholders of Sabana REIT with regard to matters of Sabana REIT."

Please contact for any enquiries regarding data protection and to reach our data protection officer.



©2021 by Quarz Capital Management, Ltd. & Black Crane Capital



This website and the information contained herein (collectively referred to as "the Website") are being made available to all unitholders of Sabana Reit (M1GU/SABA.SI). 

Quarz Capital Management Ltd. ("Quarz") and Black Crane Capital ("Black Crane") are the investment managers of private funds (the “Quarz Funds”/ "Black Crane Funds" respectively) that own units in Sabana Reit. Quarz/Black Crane have created this Website to enable visitors to carefully monitor how sincerely the board and management of Sabana REIT address unitholders’ proposals, listen to unitholders’ views and endeavour to increase the value of the Sabana REIT units in the best interest of all unitholders.

The Website was created solely for the purpose mentioned above. Quarz/Black Crane are not and should not be regarded or deemed in any way whatsoever to be (i) soliciting or requesting other unitholders of Sabana REIT to exercise their unitholders’ rights (including, but not limited to, voting rights) jointly or together with Quarz/Black Crane, (ii) making an offer, a solicitation of an offer, or any advice, invitation or inducement to enter into or conclude any transaction or (iii) any advice, invitation or inducement to take or refrain from taking any other course of action (whether on the terms shown therein or otherwise).

The Website exclusively represents the assumptions, opinions, interpretations and estimates of Quarz/Black Crane in relation to Sabana REIT's business and governance structure. Quarz/Black Crane are expressing such opinions, etc. solely in their respective capacity as an investment adviser of the Quarz Funds/ Black Crane Funds.

The information contained herein is derived from publicly available information deemed by Quarz/Black Crane to be reliable.

The information herein may contain forward-looking statements which can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe Quarz’s/Black Crane's objectives, plans or goals are forward-looking. Any forward-looking statements are based on Quarz’s/Black Crane's current intent, belief, expectations, assumptions, estimates and projections. These statements are not guarantees, predictions or forecasts of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

While Quarz/Black Crane believe that reasonable efforts have been made to ensure the accuracy of the information contained in the Website, Quarz/Black Crane make no representation or warranty, expressed or implied, as to the accuracy, completeness or reliability of such information. Quarz/Black Crane expressly disclaim any responsibility or liability for any loss howsoever arising from any use of or reliance on any of the information contained in the Website or any of their contents as a whole or in part by any person, or otherwise howsoever arising in connection with the same.


Quarz/Black Crane are not under any obligation to provide any updated or additional information or to correct any inaccuracies in the information contained herein.