Keppel Reit to buy 51% stake in Keppel South Central for $610.9 million
Completion of the deal will be subject to the approval of unit holders.
Keppel Reit is acquiring a 51% stake in Keppel South Central for $610.9 million, according to a statement released on October 20. This transaction will bolster the Singapore-based real estate investment trust's (REIT) presence in the prime office market. The 33-story Grade A commercial building is valued at approximately $1.2 billion and offers 522,500 sq ft of net lettable area, translating to a valuation of $2,350 per square foot.
The REIT plans to finance the acquisition via a mix of bank loans, perpetual securities, internal cash reserves, and/or equity financing, with the resulting leverage expected to be 39.2%.
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