SINGAPORE’S Keppel REIT has completed the sale of 77 King St in Sydney to the Invesco Asia Core Fund for $160 million.
The sale price is approximately 40% above Keppel REIT’s original purchase price of $116 million in 2010 and reflects a 27% premium over the latest valuation of $126 million.
The divestment will result in a gain of approximately $28 million for the trust.
Following the sale, Keppel REIT’s Australian portfolio consists 8 Chifley Square in Sydney (50% interest), 8 Exhibition St in Melbourne (50% interest in the office building and two retail units, as well as a 100% interest in another three retail units), 275 George St in Brisbane (50% interest), as well as the office tower and its annexe on the Old Treasury Building site in Perth (50% interest).
Australian Property Journal
