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KepReit's S'pore assets fully leased

Posted by Property Launch Invest on Saturday, 21 December 2013 in Property News

KEPPEL Reit has achieved full occupancy at its five Singapore properties, after Ocean Financial Centre (OFC) became fully leased.

The manager for the commercial real estate investment trust, Keppel Reit Management, said yesterday that both the office and the newly completed retail space at OFC have been completely taken up.Said Ng Hsueh Ling, CEO of the Reit manager: "We have steadily signed on tenants to achieve full occupancy, from approximately 80 per cent when we acquired Ocean Financial Centre in December 2011."

The 100 per cent occupancy at Keppel Reit's Singapore assets compares with the 99.5 per cent rate as at the end of September. The average occupancy in the central business district (CBD) is 93.5 per cent, the manager said, citing a report from property consultancy Colliers International.

The 43-storey OFC has a net lettable area of about 885,000 square feet. Phase two of development, comprising a carpark and retail annexe, was completed last month. Its latest tenants include oil and gas company Linc Energy, which is moving its listing from Australia to Singapore. Other lessees include BNP Paribas, Gazprom and Drew & Napier.

Besides a 99.9 per cent stake in OFC, Keppel Reit also owns a one-third stake in Marina Bay Financial Centre Towers 1 and 2 and Marina Bay Link Mall, a one-third stake in One Raffles Quay, a 92.8 per cent interest in Prudential Tower and Bugis Junction Towers. The trust also holds five commercial properties in Australia.The ten assets in its portfolio are valued at about $6.8 billion. Shares in Keppel Reit closed flat at $1.155 yesterday.

KepReit Singpaore

Source: Straits Times 12th December 2013

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PROPERTY LAUNCHES & INVESTMENTS

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KepReit's S'pore assets fully leased

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