10 BORROWINGS (CONTINUED)
(a) Commodity Murabaha Facilities (continued)
The outstanding $223.5 million (2013: $383.3 million) Commodity Murabaha Facilities from
various institutional banks are secured by, inter alia:
•
A first ranking legal mortgage over all the investment properties except for 3A Joo Koon
Circle, 2 Toh Tuck Link, 21 Joo Koon Crescent, 39 Ubi Road 1, 6 Woodlands Loop,
23 Serangoon North Avenue 5, 508 Chai Chee Lane and 10 Changi South Street 2
(collectively, the “Securitised Properties”) (or, where title to or lease relating to the Securitised
Properties has not been issued, an assignment of building agreement or agreement for
lease (as the case may be) coupled with a mortgage in escrow);
•
Assignment of insurances, assignment of proceeds and assignment of Property
Management Agreements relating to the Securitised Properties; and
•
A fixed and floating charge over the other assets of the Trust relating to the Securitised
Properties.
Subsequent to 31 December 2014, security over an additional 5 investment properties namely
123 Genting Lane, 200 Pandan Loop, 8 Commonwealth Lane, 34 Penjuru Lane and 3 Kallang
Way 2A pursuant to the Commodity Murabaha Facilities was discharged.
As at 31 December 2014, the Revolving Commodity Murabaha Facility D has an undrawn amount
of $19.5 million (2013: $17.5 million).
(b) Unsecured Multicurrency Trust Certificates (“Trust Certificates”)
On 16 April 2013, the Trust, through its wholly-owned subsidiary, Sabana Sukuk Pte. Ltd. (the
“Programme Issuer”), established a $500.0 million Multicurrency Islamic Trust Certificates Issuance
Programme (the “Trust Certificates Programme”). Under the Trust Certificates Programme, the
Programme Issuer may, subject to compliance with all relevant laws, regulations and directives,
from time to time issue Trust Certificates denominated in Singapore dollars and/or any other
currencies.
The payment of all amounts payable in respect of the Trust Certificates will be unconditionally and
irrevocably guaranteed by HSBC Institutional Trust Services (Singapore) Limited in its capacity as
Trustee of the Trust.
On 19 March 2014 and 3 October 2014, $90.0 million Trust Certificates due 19 March 2018
and $100.0 million Trust Certificates due 3 April 2019 were issued respectively under the Trust
Certificates Programme.
(c) Loans from subsidiaries
The loans from subsidiaries are unsecured and profit bearing.
Year ended 31 December 2014
NOTES TO THE FINANCIAL STATEMENTS
SABANA REIT
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ANNUAL REPORT 2014
120
