Keppel REIT rolls out private placement to fund acquisition of Keppel Bay Tower

Keppel REIT plans to boost $270m, and $262m of which is able to go to funding the property acquisition.

Actual property funding agency Keppel REIT introduced on 18 February that its personal placement value would fall between $1.11 and $1.14 per unit, with roughly 235m to 242m items up on the market.

The personal placement is predicted to be held on 1 March.

Roughly 97.2% of the anticipated gross proceeds of $270m will go to the proposed acquisition of Keppel Land owned Keppel Bay Tower, while 1.5% of the proceeds would go to cost of charges and bills in connection to the acquistion. The remaining 1.3% would go to normal company and dealing capital.

Keppel Bay Tower is a Constructing and Development Authority-certified Inexperienced Mark Platinum (Zero Vitality) business constructing. It's 18 storeys excessive and situated inside Singapore's water enterprise hub.

Keppel REIT additionally stated the acquisition would enhance whole unitholder returns, diversify its portfolio, and complement its growth in Central Enterprise District.