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Sabana Reit agrees to buy warehouse building in Changi

Published on Aug 22, 2014 9:20 AM

SINGAPORE - Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) has agreed to acquire a property in Changi for $50 million and lease it back to the seller.

The warehouse building if located at 10 Changi South Street 2, within the Changi South Industrial Estate next to Changi Business Park, said Sabana Reit's manager on Friday.

It has a gross floor area of 189,609 sq ft and a remaining leasehold tenure of about 37 years.

Property firm Cushman & Wakefield VHS has valued the property at $54.3 million, including an upfront land premium of $4.3 million to JTC, which owns the estate.

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