311 Spencer Street

Keppel REIT to benefit from lease renewals, Australia portfolio going forward: UOB

SINGAPORE (Mar 7): UOB Kay Hian is maintaining its “buy” call on Keppel REIT with a target price of $1.35 on expectations of the REIT to benefit from the full-year impact of leases, which were renewed in 2018, this year.

Based on the latest set of FY18 results, the research house likes the REIT for its high tenant retention of 83% and improved average signing rent for Singapore offices leases at $11.10 psf pm versus $9.80 in 2017.

Keppel REIT posts 3.4% decline in 4Q DPU to 1.43 cents

SINGAPORE (Jan 23): The manager of Keppel REIT has reported a distribution per unit (DPU) of 1.43 cents for the quarter ended Dec 2017, down 3.4% on-year from 1.48 cents in 4Q16 after factoring in nearly $11 million of net tax and other adjustments.

The latest set of results represents a fourth straight quarter of DPU decline for the full year, and brings the trust’s FY17 DPU to 5.7 cents, down 10.5% from 6.37 cents the year before.

Keppel REIT’s latest acquisition offers DPU accretion, cashflow visibility

SINGAPORE (June 30): DBS is maintaining its “buy” call on Keppel REIT (KREIT) with a target price of $1.23 following its acquisition of a 50% stake in an office tower in Australia.

The premium office tower will be developed at 311 Spencer Street, Melbourne, Australia for a consideration of A$347.8 million ($362.4 million).

The 42-storey tower has an estimated total net lettable area (NLA) of 717,000 sf and is strategically located between Melbourne’s CBD and new Docklands precinct with public transportation easily accessible.

Keppel REIT unit to acquire 50% stake in Melbourne property for $362 mil

SINGAPORE (June 29): Keppel REIT’s wholly-owned sub-trust Keppel REIT (Australia) Sub-Trust 5 has entered into an implementation deed to acquire a 50% interest in a premium office tower to be developed at 311 Spencer Street in Melbourne, Australia for A$347.8 million ($362.4 million).

Sited on freehold land, the 42-storey Grade A office tower will have an estimated total net lettable area (NLA) of 717,000 sq ft.

The property is strategically located between Melbourne’s central business district and the new Docklands precinct, which is an extension of the CBD.

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