Sabana REIT (M1GU.SG) at $1.01 vs $1.05 IPO price, with 33 million shares traded; Kim Eng notes REIT’s policy to distribute 100% income for FY11, FY12, then at least 90% thereafter; forecast FY11 yield of 8.22%, FY12’s 8.25% within 6.8%-9.3% range offered by SGX-listed industrial/logistics REITs.

“With an initial portfolio of 15 Singapore industrial and warehouse and logistics properties valued at $851 million, Sabana REIT is a close comparable to Cache Logistics Trust (K2LU.SG) in terms of asset size and type.”