Sabana Reit signs three master leases with sponsor-linked companies

SABANA Reit said on Thursday it has signed three master leases for a one-year term with each of its master lessees at 51 Penjuru Road, 33 & 35 Penjuru Lane and 18 Gul Drive.

The master lessees which exercised the option to renew are Freight Links Express Logisticentre, Freight Links Express Logisticpark and Crystal Freight Services Distripark, all of which are units of the Reit's sponsor, Vibrant Group (formerly known as Freight Links Express).

The aggregate transaction value of the master leases is about S$10.1 million.

As the sponsor is a controlling shareholder of the Reit manager, this makes them "interested person transactions".

The master lessees have four successive options to renew for another one-year term each.