Sabana REIT has reported that its occupancy rate has increased in 3QFY2021 to its highest level since 2018, at 85.3%
The REIT says excluding 1 Tuas Avenue 4, which is held for divestment, portfolio occupancy would have been 88.3%.
Meanwhile, occupancy for multi-tenanted properties stood at 90.7%, the highest in nearly eight years.
This follows “deliberate efforts” to diversify portfolio risk profile, with multi-tenanted properties representing 86.7% of gross rental income as at 3QFY2021, up from 77% in 3QFY2020.
Sabana also reported that it has signed 90,600 sq ft of new leases, including with MNCs in expansionary sectors such as healthcare, ambient and cold chain logistics.
See: ESR Cayman raises stake in Sabana REIT through DRP
It renewed 59,729 sq ft of leases with positive rental reversion, standing at +7.8% for 3QFY2021, and rental reversion averaged +11% for the first nine months of 2021.
“This is the sixth time we have achieved positive reversion in the past seven quarters,” Sabana REIT said in an investor presentation.
Of the 2021 lease expiries, 86.1% have been renewed or replaced by new leases, and the REIT has no master lease expiring until 2023.
Leadership appointments
Separately, Sabana REIT has also announced the appointment of its new CFO Lim Wei Huang, as well as its head of real estate Yap Pui Ling. Both appointments will take effect on Nov 1.
Lim is currently senior vice president, finance, and Yap is vice president, asset management at Sabana REIT Management.
Lim’s prior experience included roles at ESR Singapore and PwC Singapore, while Yap held posts at Chestertons, Soilbuild Group, and Cushman and Wakefield.
Units of Sabana REIT closed flat at 43.5 cents on Oct 21.
