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Keppel-KBS US REIT to buy second Orlando asset for S$66.7 million

pon completion of the deal in  January 2019, the REIT's committed portfolio occupancy will see a rise from 90.1 per cent to 91.9 per cent
Maitland Promenade I will be Keppel-KBS US REIT’s second asset in Florida. (PHOTO: Keppel-KBS US REIT)

Keppel-KBS US REIT has agreed to buy to acquire Maitland Promenade I, an office property located in Orlando, Florida, for US$48.5 million (S$66.7 million) from The Realty Associates Fund X.

Maitland Promenade I will be Keppel-KBS US REIT’s second asset in Florida, according to a statement on Tuesday (27 November) from its manager, Keppel-KBS REIT Management.

The property is adjacent to Maitland Promenade II, which the REIT currently owns, and has a net lettable area of 230,371 sq ft. As of 25 October it has a committed occupancy rate of 98.1 per cent.

The company intends to finance the acquisition with proceeds from debt financing.

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Upon completion of the deal in January 2019, the REIT’s committed portfolio occupancy will see a rise from 90.1 per cent to 91.9 per cent, and bring its total assets under management to US$1.04 billion from US$826.1 million.

“The acquisition delivers on our strategy to grow Keppel-KBS US REIT’s portfolio by acquiring quality income-producing properties in first choice submarkets with positive macroeconomic and office fundamentals,” said David Snyder, chief executive officer and chief investment officer of Keppel-KBS REIT Management said.

Keppel-KBS US REIT Management is owned Keppel Capital Holdings and KBS Pacific Advisors.

Units in Singapore-listed Keppel-KBS US REIT traded at US$0.55 as of 10:48am Singapore time.