Keppel-KBS US REIT (SGX:CMOU) entered into a purchase and sale agreement to acquire a portfolio of 21 office/flex/industrial Buildings in Redmond from KBS Strategic Opportunity REIT, Inc. for approximately $170 million on September 23, 2018. A portion of the purchase price shall be paid to KBS Strategic Opportunity REIT by Keppel-KBS US REIT in the form of additional common units, in lieu of cash, in an amount sufficient to cause KBS Strategic Opportunity REIT to maintain a 6.97% ownership interest. The acquisition will be financed with the proceeds from an equity fund raising, debt financing and internal cash resources. The equity fund raising will comprise of only rights issue of new units for gross proceeds of $102.3 million. If the equity offering comprises of only preferential offering then gross proceeds will be $101.3 million. On November 27, 2018, Keppel-KBS US REIT raised $93.1 million from the rights offering, proceeds of which will be used to fund the acquisition. Upon completion of the acquisition, property management services will be performed by Transwestern Commercial Services Washington, LLC. The leasing services will be performed by Jones Lang LaSalle, Inc. The acquisition is subject to the approval of unitholders of Keppel-KBS US REIT and sufficient funds necessary to fund the acquisition of the Westpark Portfolio through (i) a public offering on the Singapore Stock Exchange and (ii) any financing obtained in connection with the acquisition. Keppel Capital Holdings Pte. Ltd. and KBS Strategic Opportunity REIT, Inc. (shareholders of Keppel-KBS US REIT holding 6.97% each) have provided irrevocable undertakings to Keppel-KBS US REIT to accept, subscribe and pay in full for its total provisional allotment of the equity fund raising (in the event that the equity fund raising comprises either a rights issue or a preferential offering) to be undertaken by Keppel-KBS US REIT in connection with the acquisition. The Directors of Keppel-KBS US REIT who are not interested in the acquisition recommended the unitholders to vote in favour of the acquisition. The transaction is expected to close on or before November 23, 2018. As of November 9, 2018, the transaction is expected to close on or before December 31, 2018. The acquisition is expected to be distributions per unit (DPU) yield accretive on a pro-forma basis. Allen & Gledhill LLP acted as legal advisor to Keppel-KBS US REIT. Boardroom Corporate & Advisory Services Pte. Ltd. acted as unit registrar of Keppel-KBS US REIT. Perpetual (Asia) Limited acted as trustee of Keppel-KBS US REIT. Dentons Rodyk & Davidson LLP acted as legal advisor to the trustee. Deloitte & Touche Corporate Finance Pte. Ltd. acted as independent financial advisor to Keppel-KBS US REIT and its trustee. Keppel-KBS US REIT (SGX:CMOU) completed the acquisition of a portfolio of 21 office/flex/industrial Buildings in Redmond from KBS Strategic Opportunity REIT, Inc. on November 30, 2018.