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Singapore REIT Buys Hefty Helping Of U.S. Offices From KBS REIT

Northridge Center I and II, a suburban Atlanta office complex acquired by Singapore-based Keppel-KBS US REIT

A freshly minted Singapore REIT has charged into the U.S. commercial real estate market with an $800M-plus portfolio buy.

Keppel-KBS US REIT, jointly sponsored by Keppel Capital and KBS Pacific Advisors, purchased an 11-property office portfolio in a wide swath of markets from KBS Strategic Opportunity REIT that encompasses more than 3M SF, REBusiness Online reports.

The portfolio includes:

  • Four Texas complexes – the 400K SF 1800 West Loop and the 314K SF West Loop I and II office complex, both in Houston, as well as the 139K SF Great Hills Plaza building and the four-building Westech 360 office campus, both in Austin.
  • Westmoor Center, a six-building, 613K SF office campus in Westminster, Colorado.
  • The Plaza Buildings and Bellevue Technology Center, two office campuses that encompass more than 800K SF in Bellevue, Washington.
  • Two suburban office complexes in Atlanta – Northridge Center I and II as well as Powers Ferry Landing East.
  • The five-building Iron Point Business Park in Folsom, California.
  • Maitland Promenade II, a 230K SF office building in Maitland, Florida.

“We believe that the Singapore transaction was an excellent opportunity to monetize these assets at attractive pricing and to utilize a substantial portion of the net proceeds to invest in new opportunistic investments, as well as current capital projects,” KBS Strategic Opportunity REIT CEO Keith Hall told REBusiness Online.

Formed in October, Keppel-KBS US REIT announced plans to acquire more than $900M in U.S. assets over the next two years, The Straits Times reported in November.