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Keppel, KBS Forming New REIT to Acquire $800 Million U.S. Office Portfolio

The REIT will launch on the Singapore Exchange.

Singapore-based Keppel Corp. has received approval to launch a new REIT on the Singapore Exchange and has reached a deal for that REIT to acquire 11 U.S. office properties from Newport Beach, CA-based KBS Strategic Opportunity REIT, a nontraded REIT. The properties have not been specifically identified nor has a final purchase price been set. However, KBS currently values the portfolio at $800 million with $400 million in outstanding debt.

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TAGS: Investment
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