Sabana REIT sells industrial property for $99.6 mil
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Singapore-listed Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT), a trust of Sabana Real Estate Investment Management, has entered into a conditional sale and purchase agreement for the proposed divestment of the Geo-Tele Centre at 9 Tai Seng Drive for $99.6 million. The buyer is said to be ADC Singapore Trust.
Geo-Tele Centre is located within the Tai Seng Industrial Estate, along Hougang Avenue 3. The property comprises a six-storey industrial building with an authorised business use as a carrier hotel/data centre and has a gross floor area of about 218,905 sq ft, with a remaining tenure of 37 years.
The property is reportedly valued at $39.6 million, based on a valuation report on June 30 this year, by Edmund Tie & Company. The sale was arrived on a willing buyer-willing seller basis, and represents an excess of $60 million over the book value of the property. The total cost of the divestment will be about $1.5 million, comprising a 0.5% divestment fee, as well as legal and other divestment-related expenses.
The sale is expected to be completed by March next year.
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