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PR Newswire
28-03-2016, 11:50 AM
COMPLETION OF DIVESTMENT OF 200 PANDAN LOOP, PANTECH 21, SINGAPORE 128388
The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT”, and the manager of Sabana REIT, the “Manager”), wishes to announce that further to its announcement dated 21 December 2015 (the “21 December 2015 Announcement”), the divestment of the Property located
at 200 Pandan Loop, Pantech 21, Singapore 128388 has been completed today. Unless otherwise
defined herein, all capitalised terms used and not defined herein shall have the same meanings
given to them in the 21 December 2015 Announcement.
The Property has been divested for S$38.0 million and the sales proceeds will be used for repaying
outstanding borrowings. The Divestment is in line with the Manager’s strategy to divest non-core
assets with limited redevelopment potential and to recycle Sabana REIT’s capital to optimise
portfolio returns for Unitholders.
In line with the 21 December 2015 Announcement, the Manager has waived the 0.5% divestment
fee (approximately S$190,000) which it is entitled to pursuant to Sabana REIT’s Trust Deed dated 29
October 2010 (as amended).
Following the Divestment, Sabana REIT will own 22 properties, all of which are located in Singapore.
The book value was 36.8 million, so, divested property at 38 million, around 3.2% premium to book value.
However, if you look at book value on 31 Dec 2014, it was 44.9 million, so, sale is around 15.3% discount to old book value.
The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT”, and the manager of Sabana REIT, the “Manager”), wishes to announce that further to its announcement dated 21 December 2015 (the “21 December 2015 Announcement”), the divestment of the Property located
at 200 Pandan Loop, Pantech 21, Singapore 128388 has been completed today. Unless otherwise
defined herein, all capitalised terms used and not defined herein shall have the same meanings
given to them in the 21 December 2015 Announcement.
The Property has been divested for S$38.0 million and the sales proceeds will be used for repaying
outstanding borrowings. The Divestment is in line with the Manager’s strategy to divest non-core
assets with limited redevelopment potential and to recycle Sabana REIT’s capital to optimise
portfolio returns for Unitholders.
In line with the 21 December 2015 Announcement, the Manager has waived the 0.5% divestment
fee (approximately S$190,000) which it is entitled to pursuant to Sabana REIT’s Trust Deed dated 29
October 2010 (as amended).
Following the Divestment, Sabana REIT will own 22 properties, all of which are located in Singapore.
The book value was 36.8 million, so, divested property at 38 million, around 3.2% premium to book value.
However, if you look at book value on 31 Dec 2014, it was 44.9 million, so, sale is around 15.3% discount to old book value.
Disclaimer :-
I am not an investment professional.
I encourage you to do your own independent "due diligence" on any idea that I write about, because I could be and probably am wrong.
Nothing written here is an invitation to buy or sell any particular stock.
At most, I am handing out an educated guess as to what the markets may do.
The market will always find a new way to make a fool out of me (and maybe, even you!).
Even the best strategies of the past fail, sometimes spectacularly, when you least expect it.
I am not immune to that, so please understand that any past success of mine will probably be followed by failures
I am not an investment professional.
I encourage you to do your own independent "due diligence" on any idea that I write about, because I could be and probably am wrong.
Nothing written here is an invitation to buy or sell any particular stock.
At most, I am handing out an educated guess as to what the markets may do.
The market will always find a new way to make a fool out of me (and maybe, even you!).
Even the best strategies of the past fail, sometimes spectacularly, when you least expect it.
I am not immune to that, so please understand that any past success of mine will probably be followed by failures