Sabana REIT’s portfolio occupancy rises to 92.6% in Q1

During the quarter, the REIT executed 25 new and renewed leases.

Sabana Industrial Real Estate Investment Trust (Sabana REIT) recorded a higher portfolio occupancy rate of 92.6% in Q1. In Q422, its occupancy level was 91.2%.

In a bourse filing, the REIT’s manager attributed the increase in portfolio occupancy to the 25 new and renewed leases for the quarter which totalled 336,650 square feet (sq ft).

In the same quarter, the REIT achieved a positive rental reversion of 13.6%.

Under the REIT’s Warehouse and Logistics segment, 10 Changi South Street 2, 34 Penjuru Lane and 51 Penjuru Road secured new leases totalling  24,300 sq ft, 30,530 sq ft, and  66,000 sq ft, respectively. All tenants procured are 3PLs.

In the REIT’s High-Tech Industrial segment, 15 Jalan Kilang Barat saw improved leasing activity, with three new leases totalling 9,100 sq ft.