SEO Version
These notes form an integral part of the fnancial statements.
The fnancial statements were authorised for issue by the Manager and the Trustee on 25 February 2013.
1 General
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (the “Trust”) is a Singapore-domiciled unit trust
constituted pursuant to the trust deed dated 29 October 2010 (as amended) (the “Trust Deed”) between Sabana
Real Estate Investment Management Pte. Ltd. (the “Manager”) and HSBC Institutional Trust Services (Singapore)
Limited (the “Trustee”). The Trust Deed is governed by the laws of the Republic of Singapore. The Trustee is under
a duty to take into custody and hold the assets of the Group in trust for the holders (“Unitholders”) of units in the
Group (the “Units”).
The Trust was a dormant private trust from the date of constitution until its acquisition of properties on 26 November
2010 (the “Initial Properties”). It was formally admitted to the Offcial List of the Singapore Exchange Securities
Trading Limited (the “SGX-ST”) on 26 November 2010 and was included in the Central Provident Fund (“CPF”)
Investment Scheme on 26 November 2010.
The consolidated fnancial statements of the Trust as at and for the year ended 31 December 2012 comprise the
Trust and its subsidiary (together referred to as the “Group” and individually as “Group entities”).
The principal activity of the Trust is to invest in income producing real estate used for industrial purposes in Asia,
as well as real estate-related assets, in line with Shari’ah investment principles.
The Trust has entered into several service agreements in relation to the management of the Trust and its property
operations. The fee structures of these services are as follows:
1.1 Property Manager’s Fees
The Property Manager is entitled under the Property Management Agreement to the following management fees
on each property of the Group located in Singapore under its management:
•
a property management fee of 2.0% per annum of gross revenue of each property; and
•
a lease management fee of 1.0% per annum of gross revenue of each property.
No lease management fee is payable in relation to the Initial Properties for the frst three years of the initial
contracted lease.
The property management fee and the lease management fee are payable to the Property Manager in the form
of cash.
Notes to the
financial statements
91
SABANA REIT
Annual Report 2012
Powered by FlippingBook Publisher