The firm was acquired for $37.5m.
Keppel Corporation Limited acquired 50% of Keppel-KBS US REIT Management Pte Ltd (Keppel-KBS US REIT Manager), the manager of the pending initial public offering (IPO) of Keppel-KBS US REIT in the Singapore Exchange (SGX).
According to a press release, the other half of the stake was bagged by KBS Pacific Advisors Pte. Ltd. (KBS Pacific Advisors), a joint sponsor in the IPO.
Keppel's acquisition cost $37.5m (US$27.5m).
Along with the acquisition, Keppel-KBS US REIT also received the approval to launch the IPO and to list in the SGX.
The US-based REIT will have an investment strategy of principally investing, directly or indirectly, in a diversified portfolio of income-producing commercial assets and real estate-related assets in the key growth markets of the United States. Its IPO will consist of 11 office assets.
"With growing demand by global investors for US real estate investments in view of the continued stable and sustainable growth of the US economy, this joint venture will provide Keppel with a strategic platform to expand its geographic footprint in the US market," Keppel said.
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