Sabana REIT appoints Aw Wei Been as acting CEO

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A view of the Supreme Court building in the backdrop of the skyline of Singapore's central business district 27 May 2016 (Edgar Su/File Photo/Reuters)

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (REIT) on Thursday appointed of Aw Wei Been as acting chief executive officer with effect from January 1.

Aw is currently the Chief Operating Officer and Head of Asset Management of Sabana Real Estate Investment Management, the company said in a regulatory filing.

The resignation of current Chief Executive Officer and Executive Director Kevin Xayaraj will be effective on December 31, the company said.

Aw's experience with Sabana REIT and in various leadership positions will ensure a smooth transition during the interim period while it continues to intensify its search for a new CEO, Sabana REIT said.

Aw has more than 20 years of experience in the real estate industry, and has been with Sabana REIT since its listing in November 2010.

Prior to joining Sabana Real Estate Investment Management, Aw held various senior positions in the industry including Head of Asset Management at Tarian Capital Partners and Head, Infrastructure Planning and Facilities Management at the Agency for Science, Technology and Research.

Aw has also spent a decade at JTC Corp, where he built up his experience in lease management, land and building development and the marketing of industrial facilities, the company said.

Sabana also announced that the supplementary lease for 10 Changi South Street 2 property between HSBC Institutional Trust Services, in its capacity as trustee of Sabana REIT and Adviva Distribution has taken effect this month.

The Supplementary Lease gives an additional initial annual rent of about S$1 million, with builtin rental escalation of 1.5 percent per annum.