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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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.
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.
