Keppel REIT unit to acquire 50% stake in Melbourne property for $362 mil

SINGAPORE (June 29): Keppel REIT’s wholly-owned sub-trust Keppel REIT (Australia) Sub-Trust 5 has entered into an implementation deed to acquire a 50% interest in a premium office tower to be developed at 311 Spencer Street in Melbourne, Australia for A$347.8 million ($362.4 million).

Sited on freehold land, the 42-storey Grade A office tower will have an estimated total net lettable area (NLA) of 717,000 sq ft.

The property is strategically located between Melbourne’s central business district and the new Docklands precinct, which is an extension of the CBD.

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