Hot on the heels of its Q2 results, Keppel Pacific Oak US REIT is announcing the acquisition of two new office buildings in the USA: Bridge Crossing in Nashville and 105 Edgeview in Denver. The US$105.1 million operation is being funded by a private placement of about US$65 million launched today.
The proposed acquisitions are expected to be completed in 3Q 2021. Post-acquisition, the pro-forma DPU for the financial year ended 31 December 2020 to Unitholders is expected to increase by 0.8% from 6.23 US cents to 6.28 US cents. The pro-forma assets under management as at 31 December 2020 will grow by 8.0% to approximately US$1.4 billion, and the pro-forma portfolio committed occupancy as at 30 June 2021 will increase from 90.5% to 91.2%. Following the completion of the proposed acquisitions, KORE’s portfolio will consist of 15 freehold office buildings and business campuses across nine key growth markets driven by innovation and technology in the US.