Sabana Reit renews 58% of leases expiring in 2020

Singapore

THE manager of Sabana Shari'ah Compliant Industrial Reit (Sabana Reit) on Friday said 58 per cent of leases by gross rental income expiring in fiscal 2020 have been renewed. The manager also expects rental contributions from the New Tech Park's asset enhancement initiative (AEI) to start from Q2 next year, it said in a bourse filing on Friday.

In the third quarter ended Sept 30, the Reit signed 304,622 square feet (sq ft) of new leases. It renewed 586,043 sq ft after the "circuit-breaker" period.