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.