Singapore’s Keppel REIT has acquired the Pinnacle Office Park in Australia from Goodman Group for A$306m (€188m).

The complex comprises three office buildings and is located in Sydney’s north-west in Macquarie Park.

Paul Tham, CEO of Keppel REIT Management, said: “In the wake of COVID-19, we believe demand in Australia for quality and well-networked metropolitan locations, such as Macquarie Park, will increase as more companies seek cost-effective solutions or adopt a hub-and-spoke business model for office locations.

“Acquisition of Pinnacle Office Park gives Keppel REIT exposure to a key metropolitan office market in Sydney.”

Before the Pinnacle Park acquisition, five of the Keppel REIT’s portfolio of nine prime office assets, valued at S$8.2bn, were located in the central business districts of Australian capital cities.

Keppel REIT also owns an office tower in Seoul and three office towers in Singapore.

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