Sabana Industrial Real Estate Investment Trust said on Oct, 22 2025 that its independent auditor, Ernst & Young LLP, highlighted a material uncertainty that could cast significant doubt on the trust’s ability to continue as a going concern.

The uncertainty arises from two issues: the outcome of an ongoing internalisation process to replace Sabana Real Estate Investment Management Pte. Ltd. as the manager of the trust, and the need to extend or refinance loan facilities of 75.0 million Singapore dollars maturing in Mar, 2026.

If the manager is removed, the change would trigger review events under Sabana Industrial REIT’s unsecured loan and standby letter-of-credit facilities, potentially requiring mandatory prepayment of outstanding borrowings unless lenders agree otherwise. Discussions with lenders are continuing, the trust said.

As at Sep, 30 2025, the group reported net current liabilities of 77.6 million Singapore dollars, compared with net current assets of 2.4 million Singapore dollars at Dec, 31 2024, mainly due to the impending loan maturity. The manager said it believes funding requirements can be met given the trust’s moderate unencumbered gearing.

Despite the emphasis-of-matter paragraph, the auditor’s review report was not qualified. Sabana Industrial REIT’s total assets stood at more than 1.0 billion Singapore dollars as of Dec, 31 2024. The trust said it will update unitholders on any material developments via SGXNet and advised investors to exercise caution when dealing in its units.