Tuesday, January 29, 2013

Keppel REIT

Keppel REIT: On 26 Sep 2012, Keppel REIT announced the acquisition of a 50% interest in a new office tower to be built on the site of the Old Treasury Building in Perth, Western Australia. The Company announced yesterday that the Western Australia (WA) State Government has approved Mirvac Group’s sale of a 50% interest in the new office tower which will form part of the Treasury Building development in Perth. With the approval, Keppel REIT is on track to complete the acquisition of the office tower in Mar 2013. Keppel REIT currently owns 3 quality office assets in the CBDs of Sydney and Brisbane. Perth CBD market is one of Australia’s tightest office markets with a limited pipeline of future supply and is underpinned by the state’s diverse resources-driven economy. Company is currently trading at 1x P/B, 5.8% dividend yield with a gearing of 42.9%.

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