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Keppel Reit sells Bugis Junction Towers for S$547.5m, S$388m above purchase price

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KEPPEL Reit's manager has sold Bugis Junction Towers for S$547.5 million or S$2,200 per square foot, S$388 million more than the S$159.5 million the property was acquired for in 2006. Read more at The Business Times.

KEPPEL Reit's manager has sold Bugis Junction Towers for S$547.5 million or S$2,200 per square foot, S$388 million more than the S$159.5 million the property was acquired for in 2006.understands the buyer is a fund managed by Angelo Gordon, a US-headquartered global alternative investment manger.

The divestment is part of the Reit's ongoing portfolio optimisation strategy, said the Reit's manager Keppel Reit Management Limited.Bugis Junction Towers has delivered asset-level returns of 19.4 per cent per annum over the holding period, the manager added.Completed in 1994, Bugis Junction Towers is a 15-storey Grade A office building with about a 70-year lease remaining and close to 250,000 square feet of net lettable area.

The transaction will contribute capital gains of about S$378.1 million, after taking into account capitalised expenditures and divestment costs.

 

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