<article>Keppel REIT expands its Melbourne exposure while Keong Hong is set to acquire an office property in Osaka.</article>

Keppel REIT expands its Melbourne exposure while Keong Hong is set to acquire an office property in Osaka.
<h3>Keppel REIT acquires 50% of Melbourne office tower</h3>
<a style="color: #000080;" href="http://dealstreetasia.com/tag/keppel-reit" target="_blank" rel="noopener noreferrer">Keppel REIT’s</a> wholly-owned sub-trust Keppel REIT (Australia) Sub-Trust 5 is set to acquire a 50 per cent interest in a premium office tower in Melbourne that will be developed at 311 Spencer Street for a consideration of A$347.8 million.
Sited on freehold land, the 42-storey Grade A office tower will have an estimated total net lettable area (NLA) of 717,000 sq ft, its strategically located between Melbourne’s central business district and the new Docklands precinct, a CBD extension.
The acquisition is funded through a mix of debt and part of the proceeds gained from the disposal of 77 King Street in Sydney in January 2016.
“This is part of Keppel REIT’s continuous process to improve its portfolio through strategic divestments and acquisitions, and in line with Keppel REIT’s objective of delivering sustainable returns to our unitholders over the long term,” says Tan Swee Yiow, CEO of Keppel REIT manager.
<h3>Keong Hong to acquire Osaka building</h3>
<a style="color: #000080;" href="https://www.dealstreetasia.com/tag/Keong-Hong-Holdings/" target="_blank" rel="noopener noreferrer">Keong Hong Holdings</a> announced Thursday that indirect wholly-owned subsidiary Grandwood (Japan) has entered into a sale and purchase agreement to acquire a commercial building in Osaka, Japan for JPY 950 million.
The proposed acquisition is to be funded through a mix of internal resources and bank borrowings. The rationale for the purchase is to provide an alternative income stream for the group through rental income from the property.
The property comprises ownership of the land spanning approximately 293.7 sqm, and a 9-storey building with a net rentable area of 1,626.0 sqm that is located at 1-2-6 Minamihorie, Nishi-ku, Osaka-shi, Osaka. Currently, the property is fully tenanted and mainly occupied by offices.
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SG Realty: Keppel REIT, Keong Hong acquire office property assets

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SG Realty: Keppel REIT, Keong Hong acquire office property assets

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