Sabana REIT gives update on originating claim against Kleio One-Solution

The REIT is seeking legal advice and taking steps to protect its interests.

Kleio One-Solution, a Sabana Industrial REIT’s tenant, commenced its process to enter into creditors’ voluntary liquidation, according to its latest bourse filing.

"[The REIT] is presently taking legal advice and will take active steps to protect the interest of the REIT, including mitigating any losses arising from this development," it said.

This follows its previous announcements of filing an originating claim with the Singapore High Court against Kleio One-Solution, the master lessee of properties at 33 and 35 Penjuru Lane.

Since repossessing the properties on 8 March, Sabana REIT has leased out about 74% of the net lettable area and continues to market the remaining space.

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