KBS has announced the transfer of the management of Strategic Opportunity REIT I, Strategic Opportunity REIT II and Keppel Pacific Oak U.S. REIT, three real estate investment trusts (REITs) comprising 40 investments, to Pacific Oak Capital Advisors.
The decision allows KBS to focus on its core asset portfolios, while Pacific Oak focuses primarily on the opportunistic portfolios, according to Chuck J. Schreiber Jr., KBS CEO.
“When we launched the first opportunistic REIT in 2009, there was a clear and distinct opportunity to capitalize on the dislocation, lack of liquidity and government intervention that existed in the commercial real estate markets at the time,” said Schreiber. “The Strategic Opportunity REIT continues to execute on its business plan focusing on opportunistic investments and adding value for its shareholders.”
KBS invests and manages commercial real estate assets on behalf of large institutions, such as public and private pension plans, sovereign wealth funds, and public nontraded investment trusts. KBS also serves as the U.S. asset manager for Singapore-based Prime U.S. REIT.
“KBS’ strategy focuses on investments in urban markets that are attracting tech and creative users and have a wide range of amenities that help companies attract today’s top-tier talent. These include markets with good public transportation as well as entertainment, housing and dining amenities,” said Schreiber.
KBS is working closely with Pacific Oak Capital Advisors to ensure a smooth transition of advisory services for Strategic Opportunity REIT I, Strategic Opportunity REIT II and the Keppel Pacific Oak U.S. REIT effective Oct. 31, 2019. The asset management team that manages the opportunistic portfolios will transition to Pacific Oak Capital Advisors and continue to manage the same portfolios.