Keppel REIT - RHB Invest 2024-04-02: Acquisition Of 255 George Street; BUY

• Keppel REIT (SGX:K71U)’s acquisition 255 George Street (255 GS) is a pre-emptive strategy, in our view, to capitalise on recent office asset value corrections in Australia and a potential recovery ahead from rate cuts.
• - Read this at SGinvestors.io -
• Keppel REIT's share price trades at >30% discount to book value, which we believe is unjustified, considering the REIT’s high quality office assets in prime locations.

Acquisition of 50% stake in 255 GS

• Keppel REIT's announced the acquisition of 50% stake in 255 George Street, Sydney, Australia, from Mirvac Wholesale Office Fund I for a purchase consideration of AUD363.8m (S$321m).
• - Read this at SGinvestors.io -
• Committed occupancy stands at 93% with a relatively long weighted average lease expiry or WALE of 6.8 years and diversified tenant base.

NPI yield of ~6%

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2026-01-02 Keppel REIT - A Dilutive Deal.

Previous report by RHB:
2025-10-09 Keppel REIT - Acquisition Of Australian Retail Asset; Neutral.

Price targets by 2 other brokers at Keppel REIT Target Prices.

Listing of research reports at Keppel REIT Analyst Reports.

Relevant links:
Keppel REIT Share Price History,
Keppel REIT Announcements,
Keppel REIT Dividend Payout Dates & Corporate Actions,
Keppel REIT News