The manager of Sabana Industrial Real Estate Investment Trust (Sabana REIT) M1GU has filed a claim of $2.1 million against tenant Kleio One-Solution.
On Nov 17, the manager announced that it had filed an originating claim to the Singapore High Court against the master lessee of its premises located at 33 and 35 Penjuru Lane.
Aside from the sum of approximately $2.1 million, which accounts for outstanding fixed rent, land rent, property tax and late payment interest as at Nov 15, the manager is also filing to reclaim possession of the premises.
The claim also seeks fixed rent, land rent, property tax and late payment interest from Nov 16 up to the date of delivery of possession of the premises, as well as costs incurred in connection with enforcing its rights under the lease.
Interest will be calculated at the rate of 12% per annum pursuant to the provisions of the lease.
The premises at Penjuru Lane comprise three buildings with a gross floor area of 286,192 sqft, including a single storey warehouse with mezzanine floor, a four-storey warehouse and a part single-storey and part three-storey warehouse with a basement.
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The manager adds that it is actively marketing the premises and is currently in discussions with prospective tenants for the leasing of the premises once possession has been regained.
As at June 30, Kleio One-Solution accounted for about 2.9% of the Sabana REIT’s monthly average gross rental income.
The manager expects that the overall impact to the REIT will be about 5.6% of its proforma FY2022 distribution per unit (DPU).
Units in Sabana REIT closed flat at 39.5 cents on Nov 17.
