Only 1.3% of Keppel DC REIT's leasable area is to be renewed in 2016

There will be less than 3% renewals each year from 2018-2020.

Keppel DC REIT's minimal renewals post-2017 will provide income certainty for investors, said CIMB.

As at end-9M16, KDCREIT only had 1.3% of its Net Leaseable Area (NLA) to be renewed in 2016 and another 20.8% in 2017. The majority of 2017 expiries pertain to one lease in Singapore, the Basis Bay DC and another overseas lease.

CIMB however sensed that the Basis Bay lease would most likely be renewed. Post-2017, it adds that there are minimal leases (<3% in each year) due for renewals until 2020. Hence, investors would have a higher income certainty, and could potentially benefit from further acquisitions, it said in areport.

Keppel DC REIT renewed a major lease in SGP 1, which expired in Aug 16 for more than five years, but with a -8% rental reversion.

The manager attributed the negative reversion to bulk discounting as the client is a strategic one and sits in more than one of its data centres across its portfolio.

Overall, portfolio occupancy improved to 92.7% (2Q16: 92.3%).

Occupancy for SGP 1 inched up from 85.7% to 87.6% following a client’s take-up of half of the 6,800 sq ft of space expansion which was committed in 2Q16.

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