Sabana Reit drops plan to acquire property at 72 Eunos Avenue 7

SABANA Shari'ah Compliant Reit (Sabana Reit) said it has dropped its plan to acquire a property located at 72 Eunos Avenue 7 after the agreement to do so lapsed.

This followed earlier terminations on two other acquisitions of 107 Eunos Avenue 3 and 47 Changi South Avenue 2 with different vendors.

In a regulatory filing on Friday, Sabana Reit said the option agreement to acquire 72 Eunos Avenue 7 lapsed on Thursday as certain precedent conditions were not fulfilled for the acquisition to be completed.

The vendor Singapore Handicrafts Pte Ltd will refund S$214,000 (which is the amount of option fee, together with GST) to Sabana Reit, free of interest.

Sabana Reit had in January issued 310.7 million new units under an underwritten and renounceable rights issue to raise gross proceeds of S$80.2 million, mainly to partially finance the proposed acquisition of the three properties.