Keppel-KBS US REIT has priced its initial public offering (IPO) of 262,772,400 units at USD0.88 each.
The REIT aims to invest in a “diversified portfolio of income-producing commercial assets and real estate-related assets in the key growth markets of the United States”, according to a prospectus filed with the Monetary Authority of Singapore.
The REIT’s manager, Keppel-KBS US REIT Management Pte Ltd, is owned jointly by its sponsors, Keppel Capital and KBS Pacific Advisors.
The initial portfolio of Keppel-KBS US REIT will comprise 11 office properties across the United States, with an aggregate net lettable area (NLA) of 3,225,739 square feet.
Read: Keppel-KBS US REIT receives nod to list on Singapore Exchange
The REIT’s initial portfolio features a weighted average lease expiry (WALE) by NLA as at 30 June 2017 of 3.7 years, with no single year has more than 20% of total leases expiring.
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