Sabana REIT to acquire Eunos Avenue property for $20m

It is a six-storey single-user light industrial building.

Industrial group Sabana REIT announced that it will be acquiring a property located at 72 Eunos Avenue 7 for $20m.

The 67, 977 sq ft. property is a six-storey single-user light industrial located on the north-western side of Eunos Avenue 7, off Sims Avenue and Paya Lebar Road and approximately 7.0 km from the City Centre.

The group disclosed that the property is a HDB leasehold estate of 30 years tenure commencing from 1 January 2011 with a remaining tenure of approximately 24 years.

The acquisition will be funded by equity, borrowings or a combination of both, the group said.

Sabana said the transaction is in line with the its aim to acquire income-producing real estate and real estate-related assets used for industrial purposes which provide stable cash flows so as to generate stable and growing returns for the Unitholders.