Keppel REIT - DBS Research 2021-12-13: Asset Recycling At Top Speed

Keppel REIT - Asset Recycling At Top Speed

  • Keppel REIT announced the acquisition of Blue & William, a freehold Grade A office building under development located in North Sydney, Australia for A$327.7m (S$322.2m). The acquisition will be fully debt-funded.
  • The acquisition will increase Keppel REIT's Australia portfolio to 19.5% from 16.4% by AUM and 32.6% by NLA.
  • We view the acquisition as a positive addition to Keppel REIT’s portfolio, delivering ~3% accretion upon completion and good portfolio metrics that would ensure earnings visibility in the medium term.
  • In addition, pro forma gearing at slightly below 40% still has debt headroom for future acquisitions.
  • Keppel REIT offers a 5.2% FY22F yield.

Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Rachel TAN DBS Group Research | Derek TAN DBS Research | 2021-12-13

Read also DBS's most recent report:
2022-10-26 Keppel REIT - Santa Is Coming Early Next 5 Years!.

Previous report by DBS:
2022-01-26 Keppel REIT - The Force Awakens.

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Relevant links:
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