Keppel REIT to buy one-third more stakes in Marina Bay tower

It will acquire the stakes an agreed property value of $1.453m.

Keppel REIT Management Limited is set to acquire an additional one-third interest in Marina Bay Financial Centre Tower 3 (MBFC Tower 3) at an agreed property value of $1.453m.

The value is equal to $3,268 per square foot and also represents a discount of approximately 1% to the property’s independent valuation of $1.467.3m, Keppel said in a bourse filing.

The acquisition will be completed on 31 December 2025, it added.

Post-completion, together with the one-third interest which Keppel REIT currently holds in MBFC Tower 3, it will hold in aggregate, two-third interest in MBFC Tower 3.

The tower features 46-storeys, is a premium Grade A office building with an aggregate net lettable area of approximately 1.3 million square feet, and an occupancy rate of 99.5%.

DBS is amongst the tenants of the office building, Keppel REIT said.

Post-completion, its Singapore-centric portfolio value will increase from $9.8b to $11.2b across 14 properties in Singapore, Australia, South Korea, and Japan, it added.