Keppel-KBS US REIT receives nod to list on Singapore Exchange

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Keppel Corporation Limited has received its eligibility-to-list (ETL) letter from the Singapore exchange with regards to a planned initial public offering (IPO) of the Keppel-KBS US REIT.

News of the office REIT, which will be jointly sponsored by Keppel Capital Holdings Pte Ltd, and KBS Pacific Advisors Pte Ltd, was first disclosed in September 2017.

The Keppel-KBS US REIT will consist of an initial portfolio of 11 office properties that will be injected over from KBS Strategic Opportunity REIT, which is a non-traded REIT that closed its own IPO in November 2012.

The KBS Strategic Opportunity REIT describes itself as one that has been specifically designed to capitalise on “the dislocation, lack of liquidity, and government intervention that exists in the commercial real estate markets by acquiring a diverse portfolio of opportunistic investments in discounted debt and distressed equity assets”.

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Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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