Sabana REIT has received a cashier’s order for SGD2,153,755.04 (USD1.6 million) from Adviva Distribution Pte Ltd, the occupier of 10 Changi South Street 2.
The sum will be used to settle outstanding rental arrears, and late payment charges on the property.
REITsWeek reported on 1 September that Adviva Distribution has had its lease on 10 Changi South Street 2 terminated after failing to pay rent, and other sums due to the REIT as at 31 August 2018.
Sabana REIT had warned then that there might be impact to its earnings due to the arrears.
Read: Sabana REIT warns of DPU impact, terminates lease on Changi South property
To read the full article, please login or subscribe.