CITM not allowed to be appointed as MI-REIT's manager
By Irene Chan, Channel NewsAsia | Posted: 20 November 2009 1519 hrs

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SINGAPORE: The Monetary Authority of Singapore will not approve Cambridge Industrial Trust Management (CITM) to be appointed as the manager of MacarthurCook Industrial REIT (MI-REIT).

According to a filing with the Singapore Exchange, the central bank told CITM on Friday that this is because of potential conflicts arising from the competing interests of the two REITs' unitholders.

This week, CITM launched a push to gain control of MI-REIT's management, having bought a key 9.8 per cent stake in the trust earlier this month.

CITM said it will continue to explore options that do not involve it being appointed as MI-REIT's manager.

The property trust added that it still intends to vote against the recapitalisation plan at the upcoming extraordinary general meeting on Monday.


- CNA/so