Thursday, May 19, 2022

SG Digest: Manulife US REIT buys 3 assets; Keppel REIT picks Australia property – DealStreetAsia

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Singapore. Photo by Dan Freeman on Unsplash
By Quynh Nguyen
November 30, 2021
Manulife US REIT has acquired three properties in the US while Keppel REIT has entered into an agreement to acquire a 100% interest in an Australian asset.
Manulife US REIT, the first pure-play US office REIT listed in Singapore, on Tuesday announced that it has entered into three property purchase agreements in the US for a consideration of $201.6 million, according to a statement.
The REIT has picked up Diablo Technology Park in Tempe, Arizona for $61.75 million; Park Place at Chandler, Arizona, for $106.0 million and Tanasbourne Commerce Center for $33.85 million.
The three deals mark Manulife US REIT’s entry into high-growth, magnet cities. It will also increase its exposure to high-growth tenants in tech and healthcare sectors, the firm said in the statement.
Manulife US REIT is a Singapore REIT established with the investment strategy principally to invest, director or indirectly, in a portfolio of income-producing office real estate in key markets in the US as well as real estate-related assets. Its portfolio comprises nine prime, freehold and Trophy or Class A quality office properties in California, Atlanta, New Jersey, Washington D.C. and Virginia.
Singapore’s Keppel REIT has entered into an agreement to acquire a 100% interest in a property in Australia with a total development consideration of A$327.7 million ($234.3 million).
The property is Blue & William, a freehold Grade A office building currently under development in North Sydney.
The acquisition is targeted to be completed in end-2021, with practical completion of the development estimated in mid-2023.
The investment will be fully funded with Australian dollar-denominated loans for natural hedge, with progressive payments to be made based on construction milestones. Post-acquisition, Keppel REIT’s aggregate leverage would be approximately 39.9%.
Keppel REIT is one of Asia’s leading REITs with a portfolio of Grade A commercial assets in key business districts pan-Asia.
Keppel REIT Management Limited Manulife US REIT

Real Estate & Infrastructure
Manulife US REIT is a Singapore REIT set up to invest in income-producing office assets in the US.
People
Koh Wee Lih will succeed Paul Tham as Keppel REIT’s CEO.
Deals
Keppel REIT has sold its 50% stake in an office building in Brisbane to Charter Hall Prime Office Fund.
Deals
The venture has received initial capital commitments of about $93 million from the partners.
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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.
Following vacancies can be applied for (only in Singapore).
Following vacancies can be applied for (only in Singapore).   
In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.
Following vacancies can be applied for (only in Singapore).
Following vacancies can be applied for (only in Singapore).   

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