Singapore-listed office landlord Keppel REIT (SGX:K71U) has entered into a conditional share purchase agreement with Keppel Land Limited for the sale of the latter’s one-third stake interest in Marina Bay Financial Centre Tower 3.
The agreed value, which is almost in line with that of an independent valuation by Colliers International, is at SGD1,248 million. This translates to SGD2,790 psf, inclusive of a five-year rental support of up to an aggregate amount of SGD49.2 million.
MBFC Tower 3, a 46-storey Grade A office tower in the heart of Singapore’s central business district, has over 1.34 million square feet of net lettable area (NLA) and is currently about 94% occupied by tenants such including anchors DBS Bank.
The addition of MBFC Tower 3 will increase Keppel REIT’s assets under management to over SGD8.1 billion with 11 properties across Singapore and Australia.
Units of Keppel REIT was last done at SGD1.23 on 18 September before a request to suspend its trading took into effect in preparation for the acquisition announcement.