SINGAPORE (Dec 21): Sabana Real Estate Investment Management (SREIM) announced that Sabana Shari’ah Compliant Industrial (Sabana REIT) will be appointing Aw Wei Been as acting CEO with effect from Jan 1.

Aw is currently the COO and head of asset management of the manager.

It was on May 9 that Kevin Xayaraj, Sabana REIT’s current CEO and SREIM’s executive director, that announced  that he will be stepping down. His last day with the manager will be on Dec 31, 2017.

See: Sabana REIT manager CEO Xayaraj steps down; acquisition of 47 Changi South Ave 2 aborted

The board belives that Aw’s experience with the REIT and various leadership positions will ensure a smooth transition during the interim period while it continues its search for a new CEO.

The handover process is currently in progress.

Meanwhile, SREIM says the supplementary lease for 10 Changi South Street 2 between HSBC Institutional Trust Services, as trustee of Sabana REIT, and Adviva Distribution, has taken effect this month.

See: Sabana REIT’s purchase of Changi South property from Vibrant draws scrutiny

This supplementary lease which is part of the master lease agreement for the property will give the REIT an additional annual rent of about $1 million, with built-in rental escalation of 1.5% per annum, complementing the existing master lease at an initial annual rent of $4 million and built-in rental escalation of 1.5% per annum.

Units in Sabana REIT closed at 40 cents on Thursday.