K-REIT Asia net property income grew 7.6% in 1Q 2011

It rose to $14.9 million as a result of contributions from the two Australian Assets, offset by the divestment of Keppel Towers & GE Tower.

According to K-REIT Asia, Singapore property portfolio committed occupancy rose to 99.0% as at end-March 2011 from 98.7% as at end-December 2010, and is higher than Singapore core CBD occupancy of 94.4%.

Annualised 1Q 2011 Distribution Per Unit increased 34.7% to 7.26 cents.

Distributable income for 1Q2011 rose 36.1% year-on-year to $24.3 million on account of contributions from newly acquired assets – 50% interest in 275 George Street in Brisbane, the office tower at 77 King Street in Sydney, and the one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall (MBFC Phase One).