By Martin Mou
Keppel REIT has agreed to buy a 100% stake in a commercial property in Sydney for 306 million Australian dollars (US$222.9 million), a deal the Singapore real-estate investment trust said would raise its distribution per unit.
Keppel REIT will acquire Pinnacle Office Park, a freehold Grade A commercial property comprising three office buildings, from Goodman Group, it said Sunday.
The acquisition is targeted to be completed in the fourth quarter and will be fully funded with Australian dollar-denominated debt for natural hedging, Keppel REIT said.
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