Sabana REIT aborts acquisition of 72 Eunos Ave 7 property

SINGAPORE (July 21): LHN Group says Sabana REIT would not be proceeding with the acquisition of the property at 72 Eunos Avenue 7.

On Dec 8, 2016, Sabana REIT had announced the proposed acquisition of the six-storey leasehold light industrial building for $20 million on condition of obtaining approval from HDB.

This was to be accompanied by a 10-year lease back agreement from LHN and a service agreement where LHN will engage Sabana REIT to provide property management and maintenance services for $1,000 a month.

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