Loss of income from a recently divested property, absence of a one-time recovery of costs for another, plus lower revenue and net property income (NPI) due to a challenging market, dampened results for industrial property owner Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) in its second quarter. Distribution per unit (DPU) shrank to 0.62 Singapore cent from 0.82...
Sabana REIT
Real estate veteran Donald Han is a tireless proponent of all things real estate. "If you slit my vein open, you will see nothing but real estate DNA there," quipped the chief executive officer of the manager of SGX-listed Sabana Reit. "I'm not someone who understands or is interested in commodities, gold, or crypto-currencies, but I think, eat, drink and sleep real estate," he grinned. Mr Han,...
Sabana Reit's divestment of a Tuas industrial building is off for now after the purchaser did not obtain approvals from JTC. The buyer Kim Soon Lee (Lim) Heavy Transport is not prepared to further extend the long-stop date, the Reit said in a Singapore Exchange filing on Saturday. In September 2018, Sabana had proposed to sell the building at 1 Tuas Avenue 4 for S$11.18 million in cash, 52 per cent...
Sabana Reit is selling a data centre in Tai Seng to the government-linked Ascendas-Singbridge Group, with the manager citing its strategy of divesting under‐performing and mature assets. The manager inked a conditional sale and purchase agreement on Wednesday to sell Geo‐Tele Centre for S$99.6 million to a trust, it said. Ascendas-Singbridge, which is jointly owned by state entities Temasek Holdings...
Sabana Reit announced it had issued a notice of termination on Aug 31 to Adviva Distribution, the tenant at 10 Changi South Street 2, due to the tenant's "failure to pay rent and other sums payable" under the lease agreement. In a late Friday filing, Sabana Reit said that the tenant owes S$2.14 million in rental arrears. "Sabana Reit intends to set off the outstanding rental arrears and damages owed...
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 world's largest Shari'ah-compliant REIT by total assets opened to a sluggish start on its first day of trade in Singapore because of weak market sentiment. Sabana Industrial Real Estate Investment Trust or Sabana REIT closed its first day of trade at S$1.02. That's 2.8% lower than the IPO price of S$1.05. While it may have been a tepid debut for Sabana REIT, some analysts said they expect strong...
Sabana REIT priced its initial public offering (IPO) on Monday at S$1.05 per unit. This will be the first Shariah-compliant real estate investment trust (REIT) listed on the Singapore exchange (SGX), as well as the world's largest listed Shariah-compliant REIT by total assets. The public offer will close on November 24, and trading of the units on the SGX is expected to commence at 2pm on November...
Sabana Shariah Compliant REIT, which owns industrial properties in Singapore, has priced its IPO at $1.05 a share, the midpoint of an indicative range, to raise $637 million, IFR reported on Friday, citing sources. Sabana REIT, Singapore’s first Islamic REIT and the largest Shariah-compliant property trust anywhere, is offering 605.8 million units in the initial public offering (IPO). It had originally...
Sabana Reit, poised to become Singapore's first listed Syariah-compliant real estate investment trust (Reit), is likely to be well-received as low deposit rates drive investors to seek higher yielding instruments, analysts say. Sabana Reit is seeking to raise as much as $696.1 million, according to its prospectus filed with the Monetary Authority of Singapore. It is set to become the world's largest...