Keppel REIT to buy an office park in Australia for $303.3m

It has a committed occupancy of 96.3% as of 30 June.

Keppel REIT has inked a deal to acquire Pinnacle Office Park in Australia, for $303.3m, according to an SGX filing.

Pinnacle Office Park is a freehold grade A commercial development located in Macquarie Park, a key metropolitan office market in Sydney. It has a total net lettable area (NLA) of 35,132 sqm (378,165 sqft), comprising three office buildings on a commercial land parcel of approximately 2.2ha.

In addition, the office park has a committed occupancy of 96.3% as of 30 June, with key tenants such as ASX-listed Aristocrat Technologies, Konica Minolta and Coles Supermarkets.

Meanwhile, its weighted average lease expiry (WALE) is at 4.8 years by NLA, and its existing leases have fixed annual rental escalations of between 3% and 4%.