One of Sabana Industrial REIT’s tenants, Klein One Solution, has begun the processes necessary to enter into creditors’ voluntary liquidation, announced the REIT manager on Sept 11. The manager received the notice on Sept 9.
In its Sept 11 announcement, the manager added that it 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.
On Nov 17, 2023, the manager announced that it had filed an originating claim with the Singapore High Court against Klein One Solution, which is the master lessee of its properties at 33 and 35 Penjuru Lane.
In addition to the claim of approximately $2.1 million covering overdue fixed rent, land rent, property tax, and late payment interest as of Nov 15, 2023, the manager also filed to reclaim possession of the premises.
Since repossessing the premises at 33 & 35 Penjuru Lane as at March 8, which have since been renamed as 33, 33A & 35 Penjuru Lane1, the manager has leased out approximately 74% of the net lettable area.
The manager says that it is continuing with its “proactive” marketing efforts for the remaining space.
See also: Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
Further updates are expected to follow with material developments in the matter.
Units in Sabana Industrial REIT closed flat at 35 cents on Sept 11.
