By CARINE LEE
Sabana Shari'ah Compliant Reit on Monday announced that it had on Nov 25, entered into a sale and purchase agreement for the proposed acquisition of a three-storey general industrial building located at Woodlands Loop.
The 77,544 sq ft property, which Sabana Reit will purchase at S$14.8 million, is a JTC leasehold estate of 30 + 30 years tenure commencing from September 16, 1994, with a remaining tenure of approximately 43 years. Sabana Reit has paid a cash deposit of S$148,000 into an escrow account.
The proposed acquisition, to be financed by debt, is part of the Reit's investment strategy and provides improved asset diversification to benefit unitholders.
Upon acquisition, Sabana Reit will enter into a lease agreement with the existing tenant for a term of three years.
The seller, Winstant & Co Pte Ltd, has agreed to provide rental income support, subject to an aggregate maximum sum of S$958,058, for three years.
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