The Minster Building, Suntec REIT's asset in London. (Google Maps)

Suntec REIT is divesting a portfolio of strata units at Suntec City for SGD197 million and acquiring a 100% interest in a London Grade A office building with ancillary retail spaces for GBP353 million.

The Suntec City office units, which feature a total of 78,491 square feet in net lettable area, are being divested at an 8.9% premium over an independent valuation.

The net property income yield for these spaces was 3.1%.

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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.