Sabana Reit files originating claim against tenant for outstanding payment
Tan Nai Lun
SABANA Industrial Real Estate Investment Trust’s (Reit) trustee has filed an originating claim against one of its tenants to seek possession of its premises and for payment of outstanding fees.
The claim was filed against Kleio One-Solution, which is the master lessee of the premises located at 33 and 35 Penjuru Lane on Friday (Nov 17), said Sabana Reit’s manager.
As at Jun 30, the tenant accounted for about 2.9 per cent of the Reit’s monthly average gross rental income.
The trustee is seeking, among others, possession of the premises and outstanding fixed rent, land rent, property tax and late payment interest of around S$2.1 million.
It is also seeking fixed rent, land rent, property tax and late payment interest from Nov 16 until the premises are possessed, as well as costs incurred in connection with enforcing its rights under the lease.
It is seeking interest to be calculated at 12 per cent per annum as part of the provisions of the lease, or at the prevailing rate provided by law.
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The manager expects that the overall impact to the Reit will be about 5.6 per cent of its pro-forma FY2022 distribution per unit.
The premises comprise three buildings with a gross floor area of 286,192 square feet, including a single-storey warehouse with a mezzanine floor, a four-storey warehouse and a part single-storey, part three-storey warehouse with a basement.
The Reit’s manager said that it is actively marketing the premises and is currently in discussions with prospective tenants for its leasing once in possession.
Shares of Sabana Reit closed flat at S$0.395 on Friday, before the announcement.
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