Even as Keppel looks to acquire Singapore Press Holdings, Keppel REIT (KREIT) has made a strategic expansion into North Sydney, acquiring an office property under development for $322.2 million.
The acquisition will boost KREIT’s portfolio optimisation strategy, write CGS-CIMB Research analysts Lock Mun Yee and Eing Kar Mei.
In a Nov 30 note, Lock and Eing are maintaining their “add” call on the REIT, with an unchanged target price of $1.29, which represents a 16.6% upside.
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