Yesterday, The Business Times reported that KBS and Keppel Capital will be jointly listing US REIT assets. Keppel Corporation has confirmed that efforts are ongoing to carry out an IPO and listing of a U.S. commercial REIT on the main board of the SGX. This will be jointly sponsored by Keppel Capital and KBS Pacific Advisors Pte Ltd.
The initial portfolio of 11 office assets will be injected into the REIT by a fund managed by KBS Capital Advisors LLC. Based on a WSJ report, the REIT listing is expected to raise about US$500m. The move is also in line with Keppel’s aim to grow its fund-management business.
Maintain BUY with S$7.36 fair value estimate on Keppel Corp.
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