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SINGAPORE (Nov 30): Keppel Reit has entered into an agreement to purchase and develop a Grade A freehold office building in Sydney, Australia for A$327.7 million (RM991 million), reported Business Times.

Named Blue & William, the building is located 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.

The acquisition is targeted to be completed by the end of this year, with practical completion of the development estimated in mid-2023.

According to the report, citing the Reit manager’s bourse filing, once the acquisition completed, the asset under management of Keppel Reit is estimated to increase to S$9 billion.

The proportion of freehold assets in Keppel Reit’s portfolio will also increase to 32.6% from 30% by net lettable area.

Source: EdgeProp, EDGEPROP.MY/November 30, 2021

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