Keppel REIT Acquires 3 Remaining Prime Street Frontage Retail Units In Melbourne

Keppel REIT has announced that the group has contracted with Cerberos to acquire three remaining prime retail street-fronting units at 8 Exhibition Street in Melbourne for A$8.6 million (approximately $8.6 million).

Keppel REIT currently owns a 50 percent stake in the 8 Exhibition Street office development and two retail units. The addition of the three remaining retail units will provide the group strategic control over the 35-storey freehold office building and all five retail units at 8 Exhibition Street.

The approximately 5,500 square feet retail units are currently 100 percent leased to two popular and established F&B outlets for 10 years with options for another 30 years. Tenants of the office block include multinational corporations such as Ernst & Young, UBS and the National Australia Bank.

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