Keppel-KBS US REIT acquires Maitland Promenade I for $67 mil

SINGAPORE (Nov 27): Keppel-KBS US REIT's newly established wholly-owned subsidiary, KORE Maitland Promenade I, will be acquiring the Maitland Promenade I for US$48.5 million ($66.7 million).

Located in the Maitland submarket of Orlando, Florida, the Maitland Promenade I is an office property that has a net lettable area of about 230,371 sq ft, with access to a three-storey parking deck. As at Oct 25, the property has a committed occupancy rate of 98.1%.

Upon completion of the acquisition in Jan 2019, the REIT’s committed portfolio occupancy will increase to 91.9% from 90.1%, bringing total assets under management to US$1.04 billion from US$826.1 million.

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