Sabana REIT's logistics facility at Tai Seng Drive, Singapore. (Photo: REITsWeek)Sabana REIT's logistics facility at Tai Seng Drive, Singapore. (Photo: REITsWeek)

Singapore-listed industrial REIT Sabana (SGX:M1GU) announced on 14 November that it has renewed the leases for two out of three master leases that are expiring in 2014.

The properties, 3A Joo Koon Circle and 6 Woodlands Loop, accounts for 295,443 square feet in the REIT's portfolio and brings in an annual revenue of about SGD4.3 million.

3A Joo Koon Circle is seeing a fresh five-year lease with ST Synthesis while 6 Woodlands Loop has received the commitment from Wayne Burt Precision Technologies for a lease of three years.

The third property expiring in 2014, 2 Toh Tuck Link, will be converted into a multi-tenanted property.

Sabana revealed that for 2015, 11 master leases will also be expiring - five of which are leases by SGX-listed Vibrant Group Limited. The REIT has indicated that it will embarking on aggressive marketing to secure leases for these properties.

Units of Sabana REIT are currently listed on the SGX at SGD0.97.

Sabana REIT's logistics facility at Tai Seng Drive, Singapore.
Sabana REIT's logistics facility at Tai Seng Drive, Singapore.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.