Singapore office landlord Keppel REIT.Singapore office landlord Keppel REIT.

Keppel REIT announced on 12 October that it has completed the acquisition of three retail street-fronting units at 8 Exhibition Street in Melbourne, Australia.

The Singapore-listed office REIT first announced in September 2015 that it was acquiring the remaining units for AUD8.6 million (SGD8.6 million). Keppel REIT currently owns a 50% stake in the 8 Exhibition Street office development and two retail units.

““The addition of the three remaining retail units will provide Keppel REIT strategic control over the 35-storey freehold office building and all five retail units at 8 Exhibition Street””, said the REIT in its announcement released then to signal the acquisition plans.

“The three retail units are on a long 10-year lease with fixed annual rental escalations and options for another 30 years to two established F&B outlets”, the REIT added in an a separate statement issued 12 October.

Units of Keppel REIt last changed hands on the Singapore Exchange at SGD0.99.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.