Keppel REIT to acquire 50% interest in Sydney office building for A$363.8 mil
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 01 2024
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Should l Buy ?
Source: Yahoo Finance
- Property Acquisition by Keppel REIT: Keppel REIT's manager has acquired a 50% stake in 255 George Street, a Grade A office building in Sydney, for A$363.8 million.
- Property Details: The property is a 29-storey building with a net lettable area of 38,996.8 sqm, located in Sydney's CBD and has high visibility along George Street.
- Tenant Base and Financials: The property has a diverse tenant base including government and financial institutions, with a committed occupancy of 93.0%. The acquisition is expected to be accretive to Keppel REIT's distribution per unit.
- Partnership with Mirvac: The acquisition strengthens Keppel REIT's partnership with Mirvac, with the Australian portfolio now comprising 19.3% of its total assets under management.
- Future Plans: Keppel REIT aims to optimize its portfolio, remain disciplined in capital management, and capture opportunities for attractive total returns over the long term.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
