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A view of Singapore skyline (chenisyuan/Wikimedia Commons)

Shares of the mainboard-listed Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (REIT) fell as much as 4 percent to S$0.41 in early trading on Monday.

About 4.3 million shares changed hands compared a 30-day average of 1.3 million shares.

Sabana REIT on Saturday said its talks with ESR-REIT with regards to a strategic review have ended.

The company said in August it was in talks with ESR Funds Management to explore options in connection with its strategic review.

Warburg Pincus-backed e-Shang Redwood (ESR) is an Asian logistics developer, which provides distribution space for logistics service providers operating both within Asia and around the world.

"However, the Manager remains open to considering proposals from prospective strategic partners which will further strengthen Sabana REIT," the company said in a regulatory filing.

Shabana REIT undertook strategic review in February this year following poor performance of the trust compared to its peers in the past three years.

The review included the current shareholding structure and company's strategic direction and business.

The trust said that it has renewed the expiring master leases for three sponsor-linked properties - at 51 Penjuru Road, 33 and 35 Penjuru Lane, and 18 Gul Drive - on a one-year term for a total rental of about S$8.84 million.

The company is looking for a new chief executive after the resignation of current CEO and Executive Director Kevin Xayaraj effective on December 31.