Keppel Confirms Plans to List U.S. Office-Property Assets in Singapore
September 14 2017 - 5:37AM
Dow Jones News
By Gaurav Raghuvanshi
SINGAPORE--Keppel Corp. Ltd. (BN4.SG) Thursday said it is
planning an initial public offering of a real-estate investment
trust comprising U.S. commercial properties, in partnership with
KBS Realty Advisors LLC, an American real-estate investment
firm.
The Wall Street Journal reported last week that Keppel was
planning to raise about US$500 million via the Singapore IPO of the
joint venture that will have an initial portfolio of about a dozen
properties, including office buildings in Seattle, Houston, Denver
and other U.S. cities.
Keppel said in a statement to Singapore Exchange that an initial
portfolio of 11 U.S. office properties will be injected into the
REIT. A listing application has been filed with the Monetary
Authority of Singapore and other details are still being worked
out, it said.
Singapore is a sought-after destination for REITs in Asia. The
country is home to more than 40 REITs with a combined market
capitalization of nearly $60 billion. Large and small investors are
drawn to their yields, which average 6% to 7%.
Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com
(END) Dow Jones Newswires
September 14, 2017 06:22 ET (10:22 GMT)
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