Keppel REIT Is Buying Keppel Bay Tower

News about Keppel REIT

Keppel REIT is announcing the acquisition of Keppel Bay Tower from it's sponsor Keppel Corp.


Keppel Bay Tower is a grade A office building located near Singapore's Harborfront. It was completed in 2002 and on a 99-year leasehold land (expiring in 2096).

The asset has a high occupancy of 99.2% and a WALE of 3.3 years.


The $667.0 million operation (fees included) will be financed by debt and some equity fund raising from a private placement of about 256 million new units, increasing the stock free float by 14.8%.


The manager expects the purchase to be yield accretive (by +2.7% pro forma on the 2019 DPU).

Keppel REIT
Price0.850 SGD
NAV1.290 SGD
Yield (4 quarters)6.82%