Keppel-KBS US REIT IPO 6.7 times oversubscribed

The Singapore IPO raised $273m.

The Singapore initial public offering (IPO) of Keppel-KBS US REIT has received 9,064 applications for 227,764,700 units. The public offer was 6.7 times oversubscribed, raising $273m (US$200.4m).

According to a press release, there were 34,090,600 units initially available to the general public in Singapore.

The placement tranche of 228,681,800 units to investors outside the US was also oversubscribed, the manager said.

The REIT has a distinctive portfolio of 11 investment assets with a combined aggregate net lettable area of approximately 3.2 million sqft.

The IPO has raised gross proceeds of $753.54m (US$553.1m) for a total of 628,564,999 units.

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