Keppel has acquired a S$348m (€239m) mixed-use development in Singapore on behalf of a separate account mandate managed on behalf of Dutch pension fund manager PGGM.
The S$360m Keppel-managed Alpha Asia Separate Account has acquired the fully occupied eight-storey office and retail asset, known as Wilkie Edge from an unspecified seller.
Completed in 2008, Wilkie Edge currently has a total net lettable area of about 157,400sqft. The asset is located at Selegie, an education district in the city state.
Christina Tan, CEO of fund management and CIO of Keppel said: “This acquisition of a well located and well-built property will allow us to leverage Keppel’s strong asset management and sustainable urban renewal expertise to future-proof the asset through our quality and innovative space solutions.”
Keppel plans to undertake asset enhancement initiatives to convert, reconfigure and redeploy the property’s existing space and achieve higher rental income. It said that it had already secured advance leasing interest for the improved spaces.
Keppel said Alpha Asia Separate Account mandate is focussed on core-plus opportunities predominantly in commercial real estate in key cities in Japan, Singapore, and China.
An earlier version of this story incorrectly referred to PGGM as the seller of Wilkie Edge
To read the latest IPE Real Assets magazine click here.
No comments yet