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

Singapore-listed industrial REIT, Sabana REIT (SGX:M1GU), has redeemed SGD29.75 million in aggregate principal amount of convertible sukuk.

The amount represents 41.0% of the outstanding SGD72.5 million in aggregate principal amount of convertible sukuk issued by Sabana Treasury Pte Ltd, a wholly‐owned subsidiary of Sabana REIT.

“Following the redemption, the outstanding principal amount of convertible sukuk will be SGD42.75 million, and the maturity date of the convertible sukuk is 24 September 2017, said the REIT in a statement issued 25 August.

“The redemption will be funded by a new SGD50.0 million secured revolving credit facility being set up, and is not expected to have any material impact on the cash flows of Sabana REIT”, it added.

Units of Sabana REIT are currently listed on the Singapore Exchange at SGD0.73.

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.