Keppel-KBS US REIT to buy second Orlando asset for S$66.7M

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Keppel-KBS US REIT has agreed to buy to acquire Maitland Promenade I, an office property located in Orlando, Florida, for US$48.5 million (S$66.7 million) from The Realty Associates Fund X.

Maitland Promenade I will be Keppel-KBS US REIT’s second asset in Florida, according to a statement on Tuesday (27 November) from its manager, Keppel-KBS REIT Management.

The property is adjacent to Maitland Promenade II, which the REIT currently owns, and has a net lettable area of 230,371 sq ft. As of 25 October it has a committed occupancy rate of 98.1 per cent.

The company intends to finance the acquisition with proceeds from debt financing.

Upon completion of the deal in  January 2019, the REIT’s committed portfolio occupancy will see a rise from 90.1 per cent to 91.9 per cent, and bring its total assets under management to US$1.04 billion from US$826.1 million.

“The acquisition delivers on our strategy to grow Keppel-KBS US REIT’s portfolio by acquiring quality income-producing properties in first choice submarkets with positive macroeconomic and office fundamentals,” said David Snyder, chief executive officer and chief investment officer of Keppel-KBS REIT Management said.

Keppel-KBS US REIT Management is owned Keppel Capital Holdings and KBS Pacific Advisors.

Units in Singapore-listed Keppel-KBS US REIT traded at US$0.55 as of 10:48am Singapore time.

2018-11-27 06:13:00

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