Keppel REIT Sells Australian Property

News about Keppel REIT

Keppel REIT is announcing the sale of its 50% stake in 275 George Street in Brisbane, Australia, for A$275 million:

Completed in 2009, 275 George Street is a 31-storey freehold office building located in Brisbane’s central business district with 41,720 sm of net lettable area. The development has a committed occupancy of 90.6% as at 31 March 2021. Its principal tenants include Telstra Corporation and the Shell-operated Queensland Gas Company.

The transaction is done at about 7.8% above the last valuation done on 31 Decembre 2020.

Keppel REIT
Price1.170 SGD
NAV1.290 SGD
Yield (4 quarters)3.70%
Gearing35.2%