KEPPEL LTD. 
By Keppel REIT Management Limited (Keppel REIT Management), the Manager of Keppel REIT, is pleased to announce that the Western Australia (WA) State Government has approved Mirvac Group's (Mirvac) sale of a 50% interest in the new office tower which will form part of the Treasury Building development in Perth, WA, to Keppel REIT.
Keppel REIT announced on 26 September 2012 that it had entered into an agreement with Mirvac to acquire a 50% interest in the new office tower for A$165.0 million (approximately S$209.7 million ). Having obtained the necessary approval, Keppel REIT is on track to complete the acquisition of the office tower in March 2013.
Ms Ng Hsueh Ling, CEO of Keppel REIT Management, said, "This acquisition reflects Keppel REIT Management's commitment to continually invest in quality commercial properties that will provide stable and sustainable returns to our Unitholders.
"Keppel REIT currently owns three quality office assets in the CBDs of Sydney and Brisbane. This property on the historic Treasury Building site is our first in Perth's prime office sector. We are confident that this new premium grade office development will complement our portfolio of quality properties."
Mirvac's CEO and Managing Director, Ms Susan Lloyd-Hurwitz, said, "This is a great endorsement for Mirvac and the city of Perth. We are delighted to work with Keppel REIT and the Western Australia State Government to deliver what will be one of Perth's flagship projects.
"This transaction demonstrates Mirvac's commitment to Perth. We see great potential in the Perth CBD market as it is one of Australia's tightest office markets with a limited pipeline of future supply and is underpinned by the state's diverse resources driven economy."
When completed in the second half of 2015, the building will be a new premium Grade A office tower located on the landmark site of the Old Treasury Building in Perth. The 34-storey tower will have an estimated 331,370 sf of net lettable area ("NLA") and 208 car park lots.
The building is 98% pre-committed to the Western Australia State Government under a long-term lease of 25 years with options to extend for another 25 years. The property is targeting a 5 Star Green Star rating (by the Green Building Council of Australia) and is designed to achieve a 4.5 Star NABERS Energy Rating.
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About Keppel REIT http://www.keppelreit.com
Listed by way of an introduction on 28 April 2006, K-REIT Asia was renamed Keppel REIT on 15 October 2012. Keppel REIT is one of the largest real estate investment trusts ("REITs") listed on the Singapore Exchange Securities Trading Limited ("SGX-ST").
Keppel REIT's objective is to generate stable income and long-term growth for Unitholders by owning and investing in a portfolio of quality income-producing commercial real estate and real estate-related assets in Singapore and across Asia.
As at 31 December 2012, Keppel REIT has an asset size of $6.5 billion comprising premium commercial assets strategically located in the central business districts of Singapore, and key cities of Sydney and Brisbane in Australia.
In Singapore, Keppel REIT owns Bugis Junction Towers, a one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall ("MBFC Phase 1"), a 99.9% interest in Ocean Financial Centre, a one-third interest in One Raffles Quay, and a 92.8% interest in Prudential Tower.
In Australia, Keppel REIT owns the 77 King Street Office Tower and a 50% interest in 8 Chifley Square, both in Sydney as well as a 50% interest in 275 George Street in Brisbane. On 26 September 2012, Keppel REIT announced the acquisition of a 50% interest in a new office tower to be built on the site of the Old Treasury Building in Perth, Western Australia.
Keppel REIT is sponsored by Keppel Land Limited (Keppel Land), one of Asia's leading property developers, and managed by Keppel REIT Management Limited, a wholly-owned subsidiary of Keppel Land.
For further information, please contact:
| Media relations
Ms Grace Chia | Investor relations
Ms Casiopia Low |
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