Keppel REIT Management has entered into an agreement with the Goodman Group to acquire a 100-percent stake in Pinnacle Office Park, a freehold class A commercial property comprising three office buildings located within Macquarie Park in Sydney.
The agreed property value is A$306.0 million ($223 million).
Paul Tham, CEO of the manager, said, “With an initial net property income yield of 5.25 percent, the acquisition of Pinnacle Office Park is in line with our active portfolio optimization strategy to improve Keppel REIT’s income resilience and portfolio yield. The expansion into the grade A metropolitan office space strengthens our portfolio as it complements our prime CBD offering.
“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. The acquisition of
