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Keppel REIT
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Joelton
Supreme |
29-Oct-2022 17:01
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Keppel Reit enters Japan office market with 8.8 billion yen purchase in Ginza, Tokyo
THE manager of Keppel Reit is acquiring a 98.47 per cent effective interest in a freehold boutique office building in Tokyo for 8.83 billion yen (S$84.4 million).
The property, Ginza 2-chome, has eight storeys of office space and a retail unit on the ground floor, with net lettable area of 3,427.1 square metres.
It is located in the Ginza district within the Chuo ward, one of Tokyo&rsquo s core three wards and home to major Japanese corporations, the Bank of Japan and the Tokyo Stock Exchange, said Keppel Reit Management.
It noted that Japan&rsquo s low interest rate environment provides an attractive net property income yield spread. Tokyo also has the largest central business district office market in Asia &ndash 2.6 times larger than the Singapore office market &ndash and is leading in office investment volume in the Asia-Pacific with transaction value of US$15.6 billion in 2021, the manager said.
Koh Wee Lih, chief executive of the manager, said the acquisition strengthens the Reit&rsquo s geographical and income diversification and provides greater stability.
&ldquo In addition, the well-located freehold asset in Tokyo&rsquo s prime Ginza district will enhance the visibility of Keppel Reit in the Japanese market and pave the way for the Reit&rsquo s future expansion in the well-established and scalable investment-grade office market in Japan,&rdquo he added.
The property is anchored by Netyear Group Corporation, a subsidiary of NTT Data Corporation, and is not fully leased. It had a weighted average lease expiry of 3.4 years as at Oct 28.
When fully leased, the property is expected to bring a net property income yield of about 3.1 per cent and pro forma distribution per unit accretion of 0.5 per cent.
The remaining 1.53 per cent effective interest in the property will be held by Keppel Capital Japan, an indirect wholly-owned subsidiary of Keppel Capital Holdings, which in turn wholly owns Keppel Reit&rsquo s manager. The total purchase consideration for Ginza 2-chome is 8.97 billion yen.
Keppel Capital Japan will be appointed as the local asset manager for the property. The team has 17 years of experience in investing and managing various assets worth more than 180 billion yen, said the manager.
The acquisition will be funded by yen-denominated borrowings. Post-acquisition, Keppel Reit&rsquo s aggregate leverage will increase from 38.4 per cent to 39 per cent.
Assets under management (AUM) will be about S$9 billion across 12 properties in Singapore (representing 77.8 per cent of AUM), Australia, South Korea and Japan.
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Joelton
Supreme |
26-Oct-2022 11:54
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Keppel Reit&rsquo s distributable income up 3.4% over first 3 quarters of 2022
THE distributable income of Keppel real estate investment trust (Reit) grew 3.4 per cent year on year to S$165.4 million over the first three quarters of 2022, ending on Sep 30.
The increase was mainly driven by the acquisition of Keppel Bay Tower in May 2021 and adjustments of income tax expense for previous years. This was partially offset by the divestment of 275 George Street in Brisbane in July 2021 and lower contribution from 8 Chifley Square, said Keppel Reit : K71U 0% in a bourse filing on Tuesday (Oct 25).
To celebrate the Reit&rsquo s 20th anniversary in 2026, Tan Swee Yiow, chairman of Keppel Reit&rsquo s manager, announced that it will distribute an additional S$100 million out of its accumulated capital gains over the next five years, as a reward for unit holders.
Net property income attributable to unitholders went up 2.7 per cent to S$119.9 million between Q1 and Q3 of this year, from S$116.8 million over same period last year.
Keppel Reit&rsquo s assets under management grew from about S$600 million to approximately S$9 billion as at Sep 30.
More than 78 per cent of these assets are in Singapore 18.2 per cent are in Australia and 3 per cent, in South Korea.
The committed occupancy across its portfolio grew from 95.5 per cent a quarter ago to 96.8 per cent as at Sep 30. The weighted average lease expiry is at 6.1 years.
For the first three quarters of the year, the committed leases amounted to a total lease area of 1.7 million sq ft, with companies in the technology, media and telecommunications sector accounting for the biggest portion of new leasing demand and expansion. The tenant retention rate was 82 per cent.
The weighted average signing rent for the Singapore office leases rose to approximately S$11.47 per sq ft per month across the nine months, from S$11.43 for the first half of this year.
Keppel Reit also said that its aggregate leverage remained healthy at 38.4 per cent. The all-in interest rate is 2.1 per cent per annum and interest coverage ratio is 3.6 times the first nine months of 2022.
Borrowings on fixed rate stayed at around 72 per cent to mitigate the impact of rising interest costs, and weighted average term to maturity of the borrowings was 2.8 years, with no loans maturing for the rest of this year. It added that it achieved sustainability-focused funding for 50 per cent of its total borrowings.
Keppel Reit believes that its portfolio of Grade-A commercial properties is well-positioned to benefit from tenants&rsquo growing preference for better-quality assets and to ride on the positive leasing momentum in Singapore.
&ldquo The Manager remains focused on reducing the impact of rising costs, in particular, interest costs, while continuing with its portfolio optimisation strategy and maintaining a disciplined approach to investment to deliver long-term sustainable returns to unitholders,&rdquo the filing said.
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Joelton
Supreme |
28-Jul-2022 10:16
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Frasers Centrepoint Trust offers realistic assessment of office, retail rental trends
DEMAND for prime office spaces in the Central Business District (CBD) has heated up, with Keppel Reit : K71U 0%&rsquo s manager revealing in a briefing on Tuesday (Jul 26) that its recent lease signings are in the range of high S$9 to mid S$13 per square foot per month.
Rodney Yeo, the Reit manager&rsquo s head of asset management, even mentioned pending lease signings have surpassed S$15 per square foot per month, fostering expectations within the real estate investment trust that the uptrend will continue for the coming quarters.
But Frasers Centrepoint Trust : J69U +0.43% (FCT), which owns 1 office building in Tiong Bahru &ndash the 20-storey Central Plaza &ndash stated that improvements to rent are not seen in city-fringe locations yet.
Speaking at a briefing to analysts and reporters on its business updates for the third quarter ended Jun 30, Pauline Lim, the Reit manager&rsquo s head of investment and asset management, said the leasing environment &ldquo remains challenging&rdquo .
&ldquo We do see improvements in rents in the prime CBD office space. That was driven by both demand and supply&hellip but it hasn&rsquo t really cascaded to the CBD fringe locations as yet.&rdquo
An anchor tenant had vacated 3 floors at Central Plaza, and the Reit manager is now looking at subdividing 1 of the vacated floors, as it works to close negotiations for leasing out the other 2 floors, Lim added.
FCT, which has a portfolio comprising predominantly of suburban retail malls, on Tuesday reported a slight dip in retail portfolio committed occupancy for the third quarter to 97.1 per cent, from 97.8 per cent in the previous quarter.
The drop was largely attributed to Century Square, where an anchor tenant had pre-terminated, causing the mall&rsquo s committed occupancy to fall 10.4 per cent to 83 per cent, from 93.4 per cent.
Lim on Wednesday confirmed that the anchor tenant is Filmgarde, but said &ldquo not all is lost&rdquo as she revealed the Reit manager is in talks with 2 cinema operators that are considering to take over the space.
&ldquo We are in final discussions with 1 or 2 of the operators. It is currently in documentation phase, which is why it is not reflected as a commitment. But once the lease is signed, hopefully by next quarter, you will see Century Square occupancy recovering to above 90 per cent,&rdquo she said.
FCT had stated in April that there is headroom for rental growth as it kept its portfolio occupancy cost at a &ldquo healthy and sustainable&rdquo 16.2 per cent for the first half of 2022 ended Mar 31, down from a height of 19.2 per cent in the 2020 financial year.
Occupancy cost refers to the ratio of gross rental, including turnover rent, paid by the tenants to the tenants&rsquo sales turnover.
Asked what it would consider an optimal occupancy cost for the next 6 to 18 months, Lim said &ldquo anything up to the high teens&rdquo will be a sustainable level for its suburban retail portfolio.
While the current rate suggests there is headroom for rental increase, Lim said any moves to optimise returns for the Reit would have to be a &ldquo balancing act&rdquo .
&ldquo You want your retailers to be sustainable as well. It is a symbiotic kind of relationship between the landlord and the retail tenant,&rdquo she stressed, although she acknowledged an opportunity to &ldquo organically raise the rents&rdquo in view of the current occupancy cost.
She added: &ldquo The fact that it is at the 16-17 per cent mark, there is some buffer, in that because it is an indicator that they are still trading really healthy levels.&rdquo
In May, MSCI ESG upgraded FCT&rsquo s environmental, social and governance (ESG) ratings to &ldquo A&rdquo , up a notch from &ldquo BBB&rdquo .
Referencing MSCI ESG Research&rsquo s report, OCBC Investment Research said in a company update that FCT&rsquo s improved rating was driven by improved corporate governance practices, such as enhanced disclosures regarding the Reit&rsquo s executive pay practices.
On Wednesday, Chen Fung Leng, its vice-president for investor relations, highlighted other key efforts that could have moved the needle include improvements to emission disclosures and board gender diversity.
&ldquo We have made several improvements to our disclosures&hellip It&rsquo s more of a comprehensive overview of how we have made progress in ESG, rather than just any singular attribute,&rdquo he said.
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Joelton
Supreme |
27-Jul-2022 09:32
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spursfan
Supreme |
26-Jul-2022 17:25
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MEDIA RELEASE Unaudited Results of Keppel REIT for the Half Year Ended 30 June 2022 Keppel REIT achieves 4.6% year-on-year growth in its Distribution to Unitholders for 1H 2022 Key Highlights &bull Distribution to Unitholders for the first half of 2022 (1H 2022) grew 4.6% year-on-year to $110.5 million. &bull Distribution per Unit (DPU) for 1H 2022 increased 1.0% year-on-year to 2.97 cents. &bull Aggregate leverage decreased to 37.9% with no outstanding borrowings maturing in 2H 2022. &bull Borrowings on fixed rate increased to 73% and all-in interest rate for 1H 2022 was 1.93% per annum. &bull Achieved 50% sustainability-focused funding ahead of original target of 2025. &bull Maintained high portfolio committed occupancy at 95.5% and long portfolio weighted average lease expiry (WALE) of 6.0 years. &bull Keppel Bay Tower is the first building in Asia to achieve the highest recognition of Platinum rating for WiredScore certification. It was also awarded the WELL Health-Safety Rating....... https://links.sgx.com/1.0.0/corporate-announcements/K7BGP2RM3JA1T2OO/724712_MREL_KREIT%201H%202022_Financial%20Highlights%20and%20Unaudited%20Results.pdf |
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Joelton
Supreme |
30-Apr-2022 09:54
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Keppel Corp sells S$11.1 million worth of Keppel Reit units
KEPPEL Real Estate Investment Trust (Reit) Management, the manager of Keppel Reit : K71U -0.81%, : K71U -0.81%has sold S$11.1 million worth of Keppel Reit units on Friday (Apr 29), Keppel Corp announced after market close. This decreased the company&rsquo s interest in the Reit to 46.68 per cent from its previous 46.92 per cent.
The amount at which the 9 million units were sold took into consideration Keppel Reit' s last transacted price of S$1.23 per unit on the Singapore Exchange Securities Trading Limited on Apr 28 and the volume weighted average price per unit of S$1.2434 for the full market day.
Keppel noted that the transaction is not expected to have any material impact on the earnings per share and net tangible asset per share of the company for the current financial year.
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Joelton
Supreme |
15-Mar-2022 09:28
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Keppel Reit bondholders exercise put option for redemption of S$146.5m in bonds
BONDHOLDERS who hold an aggregate of S$146.5 million in principal amount of Keppel Reit convertible bonds have exercised their irrevocable put option for the redemption of the bonds, the manager of the real estate investment trust (Reit) said on Monday.
In a bourse filing, Keppel Reit' s manager said the bonds were part of a S$200 million issuance of convertible bonds due 2024, with a coupon of 1.9 per cent.
In accordance with the terms and conditions of the put option, the convertible bonds will be redeemed on April 10 at their principal amount, plus interest accrued to the date of the redemption, and be cancelled thereafter.
The manager said the redemption will be funded through existing available loan facilities and is not expected to have any material impact on the cash flow and aggregate leverage of Keppel Reit.
Following the redemption, the aggregate principal amount of the convertible bonds due 2024 remaining outstanding will be S$53.5 million.
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Tai-Ge
Member |
03-Mar-2022 16:43
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high volume today, any good news? | ||
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Lobster
Elite |
26-Jan-2022 12:29
Yells: "Even Adam Khoo believes in the Black Market!" |
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Rent reversion remains positive in 2H ■ 2H/FY21 DPU of 2.88/5.82 Scts is slightly ahead of our expectations at 52.5%/106.1% of our FY21F forecast. ■ Rent reversions remained positive although moderated in 2H21. ■ Reiterate Add rating with an unchanged DDM-based TP of S$1.29 |
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Joelton
Supreme |
26-Jan-2022 09:52
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Keppel Reit ' quietly confident' despite fall in office occupancy H2 DPU down 1.7% to S$0.0288
The manager of KEPPEL Reit Keppel Reit: K71U 0% on Tuesday (Jan 25) said it was &ldquo quietly confident&rdquo on positive news ahead on the leasing front, even as the Covid-19 pandemic continues to hamper a return to office.
Keppel Reit&rsquo s portfolio committed occupancy fell to 95.4 per cent as at Dec 31, 2021, down 1.7 percentage points from 97.1 per cent in the preceding quarter. Year on year, portfolio occupancy has dropped 2.5 percentage points from the 97.9 per cent recorded as at Dec 31, 2020.
Before the Covid-19 lockdowns had led to work-from-home arrangements becoming the norm, the real estate investment trust (Reit) reported portfolio occupancy at 99.1 per cent as at end-December 2019.
&ldquo As the economy slowly reopens, we are seeing an increase in enquiries on the space, so we are feeling confident in trying to backfill these spaces. There' s actually a little bit of tailwind behind us as well,&rdquo said Koh Wee Lih, chief executive officer of Keppel Reit, at a briefing following its results announcement.
While the Omicron variant has introduced some uncertainty, Keppel Reit manager&rsquo s head of asset management Rodney Yeo said business sentiment has been seen to be improving as work-from-home is no longer the default.
&ldquo We' ve seen the number of tenants returning to the office increase swiftly to above 40 per cent in recent weeks,&rdquo Yeo said. &ldquo We' re getting some pretty good positive traction in terms of leasing&hellip (and) we are actually quite quietly confident that we should be able to announce some good leasing news in the next 1 or 2 quarters.&rdquo
Meanwhile, the Reit manager said it had also seen positive rental reversions.
Office rental reversions were at positive 2 per cent for the second half of fiscal year 2021 ended December, and at positive 3 per cent for full year.
Rental reversions were up 2.8 per cent across its Singapore office assets, and up 10 per cent in Australia and 8.6 per cent in South Korea.
The Reit manager said that on the leasing front, a total of some 2 million square feet (sq ft), with an attributable area of 888,600 sq ft, were committed in FY2021.
This included new and expansion leases from tenants across sectors such as financial services, technology, media and telecommunications, as well as manufacturing and distribution.
A majority of the leases concluded were in Singapore and the average signing rent for the Singapore office leases was S$10.56 per sq ft per month.
Portfolio weighted average lease expiry stood at 6.1 years, with tenant retention rate at 62 per cent for FY2021.
For H2 2021, Keppel Reit posted a distribution per unit (DPU) of S$0.0288, down 1.7 per cent from S$0.0293 in the corresponding year-ago period, largely due to an enlarged unit base.
Distributable income for H2 was 6.6 per cent higher year on year at S$106.4 million, compared to S$99.8 million in the year-ago period.
For the full FY2021, the Reit' s DPU came in at S$0.0582, up 1.6 per cent from FY2020' s DPU of S$0.0573, while distributable income was up 9 per cent to S$212.1 million.
The Reit attributed the improvement to accretive acquisitions in Australia and Singapore &ndash namely Victoria Police Centre in Melbourne and Pinnacle Office Park in Sydney in 2020, and Keppel Bay Tower in Singapore in May 2021.
Other contributing factors included the Reit' s efforts to drive asset performance through proactive leasing and cost-management strategies. These were, however, partially offset by the impact of the divestment of Keppel Reit' s 50 per cent stake in 275 George Street in Brisbane in July 2021.
Distributable income for H2 2021 and FY2021 included capital gains distribution of S$2.0 million that arose from past divestments.
&ldquo Going forward, we' ll be assessing the level of capital gains that will be required to stabilise the distribution,&rdquo said chief financial officer of the Reit manager Kang Leng Hui.
Net property income attributable to unitholders for H2 was up 17.5 per cent S$79.9 million property income was up 16.9 per cent to S$110.8 million.
For capital management, Keppel Reit said the weighted average term to maturity of its borrowings was 3.1 years, and 5 per cent of total borrowings are due for refinancing in FY2022.
The Reit' s aggregate leverage stood at 38.4 per cent, and the all-in annual interest rate was 1.98 per cent.
The Reit said it had undertaken " active portfolio optimisation" over the course of the year, with the acquisitions of Keppel Bay Tower in Singapore and Blue & William in North Sydney, as well as unlocking of value from divestment of 275 George Street in Brisbane.
It added that it is reinforcing focus on sustainability, with new targets for material environmental, social and governance (ESG) factors.
Looking ahead, Keppel Reit' s manager said Grade-A commercial buildings with strong safety and service levels are well positioned to attract and retain tenants.
The Reit manager said it will continue to actively manage the portfolio to ensure stable and sustainable distributions to unitholders, as well as achieve long-term growth.
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Lobster
Elite |
25-Jan-2022 17:33
Yells: "Even Adam Khoo believes in the Black Market!" |
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$0.0288 for 2H21 vs $0.0293 for 2H20
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Lobster
Elite |
25-Jan-2022 17:28
Yells: "Even Adam Khoo believes in the Black Market!" |
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Actually there' s a drop in the 2H distribution.....,
Keppel REIT announces 9.0% year-on-year growth in its distribution to Unitholders for FY 2021 |
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john_ric
Supreme |
12-Jan-2022 15:06
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k reit Fy result on 25jan.waiting for div. |
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tipper
Senior |
17-Dec-2021 20:42
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" UOB Kay Hian (UOBKH) raised its target price for Keppel Reit Keppel Reit: K71U +0.9% to S$1.52 from S$1.25 previously, as it increased its distribution per unit (DPU) estimates for the real estate investment trust (Reit) following its agreement to acquire a Grade A freehold office building in Sydney, Australia." Believe at your own risk |
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Lobster
Elite |
17-Dec-2021 15:08
Yells: "Even Adam Khoo believes in the Black Market!" |
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Most REITS down, same boat... also some people fear it may not get SPH. | ||
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reliever
Senior |
17-Dec-2021 13:54
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Not too good. Price has been depressed for so long. What happened? | ||
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PhillipTan
Supreme |
15-Dec-2021 16:39
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Investors ' yet to appreciate' Keppel REIT, Singapore' s only pure-office REITAs the only pure-office REIT now, Keppel REIT (KREIT) is recycling assets at top speed, say DBS Group Research analysts Rachel Tan and Derek Tan.KREIT has announced the acquisition of Blue & William, a freehold Grade A office building under development located in North Sydney, Australia for A$327.7 million ($322.2 million). The acquisition will be fully debt-funded. The acquisition will increase its Australia portfolio to 19.5% from 16.4% by assets under management (AUM), and the proportion of freehold assets in its portfolio to 32.6% by net lettable area (NLA). In a Dec 13 note, the analysts are maintaining " buy" on Keppel REIT, with a target price of $1.40, which represents a 22% upside. " KREIT had charged ahead with its asset recycling strategy at great speed compared to its peers. Shortly after delivering two acquisitions in FY2020 and divesting its 50% stake in 275 George St in July 2021, KREIT has inked another accretive acquisition before the year ends. This indeed sets a new Keppel paradigm of portfolio optimisation and asset recycling strategy," say the analysts. " We view the acquisition as a positive addition to KREIT' s portfolio, delivering approximately 3% accretion upon completion and good portfolio metrics that would ensure earnings visibility in the medium term," write the analysts. " In addition, pro forma gearing at slightly below 40% still has debt headroom for future acquisitions. We believe the asset is well-located in a suburban office/business campus at city fringe, which would be a much sought after by prospective tenants," they add. Post the CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) merger, KREIT is the only pure-office real estate investment trust (REIT), " a valuable trait that we believe investors have yet to appreciate," say the analysts. " KREIT' s best-in-class office portfolio, anchored by Singapore Grade A offices in prime central business district (CBD) locations, is well positioned to benefit from a potential recovery in a tight net supply market. Valuation remains attractive at a 0.9 times price/net asset value (P/NAV), close to the sector' s historical mean," they add. DBS analysts remain positive on KREIT, as the best-in-class office portfolio is expected to lead the office recovery. " In addition, KREIT has been charging ahead with its asset recycling strategy at top speed compared to its peers to deliver inorganic growth with accretive acquisition." |
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Joelton
Supreme |
02-Dec-2021 09:40
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UOBKH raises TP for Keppel Reit to S$1.52 on higher DPU estimates
UOB Kay Hian (UOBKH) raised its target price for Keppel Reit Keppel Reit: K71U +0.9% to S$1.52 from S$1.25 previously, as it increased its distribution per unit (DPU) estimates for the real estate investment trust (Reit) following its agreement to acquire a Grade A freehold office building in Sydney, Australia.
Units of the Reit were trading flat at S$1.11 as at 9.59 am on Wednesday (Dec 1).
It had announced on Tuesday (Nov 30) that it will acquire and develop the property, Blue & William, for A$327.7 million (S$322.2 million).
Upon practical completion of the property, Keppel Reit' s assets under management will grow to S$9 billion across 11 properties in Singapore, Australia and South Korea.
Assuming the transaction was completed on Jan 1, the FY2020 DPU after the transaction would be 5.90 Singapore cents, from 5.73 cents before, according to pro forma estimates.
In a research note on Wednesday, analyst Jonathan Koh maintained " buy" on the stock, while raising his DPU forecast for 2022 and 2023 by 1.8 per cent and 2.5 per cent respectively, taking in the expected contributions from Blue & William.
Additionally, Koh believes that a merger of Keppel Reit and SPH Reit is now less likely given that Keppel' s final offer for Singapore Press Holdings (SPH) fell short of Cuscaden Peak' s improved offer of S$2.40 per share.
Therefore, he has gone back to using a lower cost of equity at 5.5 per cent in his valuation of Keppel Reit, saying that the Reit is " likely to maintain its status and the attached premium as a pure play on office" .
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Lobster
Elite |
01-Dec-2021 16:10
Yells: "Even Adam Khoo believes in the Black Market!" |
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Just received my notice of EGM from KEPPEL CORP. Gonna to vote yes.... Good for Keppel REIT UOBKH raises TP for Keppel Reit to S$1.52 on higher DPU estimates |
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Joelton
Supreme |
30-Nov-2021 10:45
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Keppel Reit to acquire Grade A office building in Sydney for A$327.7m
KEPPEL Reit' s wholly-owned subsidiary has entered into an agreement to acquire and develop a Grade A freehold office building in Sydney, Australia for A$327.7 million (S$322.2 million).
The acquisition is targeted to be completed by the end of 2021, with practical completion of the development estimated in mid-2023.
Upon practical completion of the property, Keppel Reit' s assets under management will grow to S$9 billion across 11 properties in Singapore, Australia and South Korea, said the Reit manager in a bourse filing on Tuesday (Nov 30).
The proportion of freehold assets in Keppel Reit' s portfolio will also increase to 32.6 per cent from 30.1 per cent by net lettable area.
Assuming the transaction was completed on Jan 1, the FY2020 distribution per unit (DPU) after the transaction would be 5.90 Australian cents, from 5.73 cents before the transaction, according to pro forma estimates.
The building, Blue & William, sits at the prime intersection of 2-4 Blue Street and 1-5 William Street and is 160 metres away from the North Sydney train station.
With the upcoming Victoria Cross metro station, located about 350 metres from where the building is located, commuting time to Barangaroo and Martin Place in the Sydney central business district (CBD) will be reduced to approximately 3 and 5 minutes respectively, the Reit manager said.
The property has a total net lettable area of about 14,000 square metres. It will feature outdoor terraces overlooking the Sydney Harbour Bridge, as well as an on-site cafe and end-of-trip facilities.
A 3-year rental guarantee will be provided by the developer on any unlet space after practical completion.
The Reit manager will finance the transaction with Australian dollar denomination loans for natural hedge, with progressive payments to be made based on construction milestones.
Assuming the acquisition was completed on Sep 30, 2021, Keppel Reit' s aggregate leverage will be approximately 39.9 per cent, from 37.6 per cent before the transaction, based on pro forma estimates.
The manager said the investment will see Keppel Reit expand strategically into North Sydney, a major commercial district with positive leasing dynamics.
It noted that North Sydney is New South Wales' second-largest office market after the Sydney CBD, and that notwithstanding the pandemic, it recorded its third consecutive quarter of positive leasing demand in Q3 2021.
" In line with the manager' s active portfolio optimisation strategy, this DPU-accretive investment brings in an initial net property income yield of 4.5 per cent, which will enhance Keppel Reit' s overall portfolio returns," said the manager.
" At the same time, regular coupon will be received from the developer throughout the development phase, providing robust risk-adjusted returns."
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