The new leases were for tenants at the REIT’s warehouse properties at 10 Changi South Street 2, 34 Penjuru Lane and 51 Penjuru Road.
Ahead of its business update for the 1QFY2023 ended March 31, the manager of Sabana Industrial REIT (SGX:M1GU
) announced that it has executed a total of 25 new and renewed leases totalling 336,650 sq ft during the quarter.
The strong lease momentum, attributed to the robust demand from third-party logistics (3PLs), has brought Sabana’s portfolio occupancy to 92.6% as at March 31, which is up by 1.4 percentage points q-o-q from 91.2% as at Dec 31, 2022. The figure does not include the REIT’s property at 1 Tuas Avenue 4, which is undergoing asset enhancement initiatives (AEIs).
