Keppel REIT purchases three retail units in Melbourne for $8.6m

It secured control over the 35-storey office building.

The acquisition of the retail units adds to two retail units Keppel REIT already owns and supplements its 50% stake in the 8 Exhibition Street office development.

A release from Keppel said the three retail units are currently leased to two established F&B outlets for 10 years with options for another 30 years. Occupants include multinational corporations such as Ernst & Young, UBS and the National Australia Bank.

"The acquisition presents a rare opportunity for Keppel REIT to gain strategic control of the office and retail components in a freehold landmark in the heart of Melbourne's central business district," said Ng Hsueh Ling, CEO of Keppel REIT Management.

The acquisition is expected to be completed in the fourth quarter of 2015.

"It will be funded with a combination of working capital and Australian-dollar debt to provide natural hedging, and at least 90% of the distributable income will be hedged," Keppel said.

Also Read

One Sophia sells 30% of units at weekend launch

Turf City sites could deliver up to 800 public housing units: Huttons

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit