Sabana REIT to sell its industrial property for $38 million
By Tan Chee Yuen
/ Sabana REIT, The Edge Property |
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Sabana Shari’ah Compliant Industrial Real Estate Investment Trust has entered into a conditional sale and purchase agreement for the divestment of its property located at 200 Pandan Loop with BS Pantech Pte. Ltd for $38.0 million.
The industrial building comprises an eight-storey building and a basement car park. It has a gross floor area of approximately 180,186 sq ft.
The purchaser has arranged for the payment of a cash deposit of $4.066 million, or 10.0% of the sale consideration with the goods and services tax, which is to be paid into an escrow account. The remaining balance will be paid in cash upon completion of the divestment, which is expected to take place in the first quarter of 2016.
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