Sabana Reit to buy Paya Lebar Central property for S$34.5m

THE managers of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Reit) are proposing to acquire a light industrial property on 107 Eunos Avenue 3 for S$34.5 million.

There is 24 years left on the lease of the property, a newly completed building between Paya Lebar and Eunos MRT stations.

The vendor, General Cars Fleet Management, will also provide income support for five years if the net property income is less than the guaranteed net property income of about S$3.1 million a year.

The vendor will also lease back about a third of the total gross floor area of the premises for five years, with an option to renew for three more years.

Sabana Reit last traded at S$0.52.

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