Sabana Reit drops plans to buy Eunos property

THE manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) said on Thursday it has terminated the put and call option agreement for the proposed acquisition of the property at 107 Eunos Avenue 3.

This followed feedback from unitholders, Sabana Reit and vendor General Cars Fleet Management, it said.

Earlier this year, a group of Sabana Reit investors criticised the Reit's plan to buy three properties - two in Eunos and one in Changi - for S$77.5 million and fund the deals by a dilutive rights issue. In May, it dropped plans to buy 47 Changi South Avenue 2.