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Keppel REIT's Tokyo asset achieves full occupancy with new tenancies

Bryan Wu
Bryan Wu • 2 min read
Keppel REIT's Tokyo asset achieves full occupancy with new tenancies
Two new tenants brought the KR Ginza II asset in Tokyo to 100% occupancy from 36.3% occupancy at acquisition in Nov 2022. Photo: Keppel REIT
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Keppel REIT’s’s K71U -

freehold boutique office building in Tokyo, KR Ginza II, has achieved full occupancy with the introduction of two new tenants at the start of 2024.

On Jan 2, the manager of the REIT announced the new tenants from the technology, media and telecommunications sector at KR Ginza II, bringing the asset to 100% occupancy from 36.3% occupancy at acquisition. 

The acquisition of KR Ginza II in Nov 2022 marked Keppel REIT’s strategic entry into Japan. KR Ginza II is managed by Keppel’s Fund Management and Investment team in Japan, which has 19 years of track record in investing and managing various assets worth more than JPY250 billion ($2.34 billion).

Koh Wee Lih, CEO of the manager, says the asset’s full occupancy is a testament to the strong asset management capabilities of the REIT’s team in Japan. “Looking ahead, we will continue to leverage our local team’s experience and expertise to capture further growth opportunities in the well-established Japanese office market, with the aim of driving sustainable long-term total return for our unitholders.”

Keppel REIT owns a diversified portfolio of prime commercial properties in Asia Pacific. It has a portfolio value of over $9.0 billion, comprising properties in Singapore, the key Australian cities of Sydney, Melbourne and Perth, as well as in the South Korean and Japanese capitals of Seoul and Tokyo.

Units in Keppel REIT closed 0.5 cents higher or 0.54% up at 93.5 cents on Jan 2.

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