The premises have been renamed to 33, 33A and 35 Penjuru Lane to facilitate multiple tenants
THE former master tenant of Sabana Industrial Real Estate Investment Trust’s (Reit) premises at 33 and 35 Penjuru Lane has started the necessary process to enter into a creditors’ voluntary liquidation.
In an update on Wednesday (Sep 11), the Reit manager said that it had received notice of the liquidation from its former tenant, Kleio One-Solution, on Monday.
“The manager 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,” said the manager.
Both parties have been engaged in a legal dispute, after the Reit’s trustee filed an originating claim against Kleio One-Solution last November to seek possession of its premises and for payment of outstanding fees.
The premises, which have since been renamed to 33, 33A and 35 Penjuru Lane to facilitate multiple tenants, were repossessed from Kleio One-Solution on Mar 8 this year.
On Wednesday, the manager said that it has successfully leased out about 74 per cent of the net lettable area and it is continuing with its marketing efforts for the remaining space.
Units of Sabana Reit closed flat at S$0.35 on Wednesday, before the announcement.
