KBS Strategic Opportunity REIT sells $804m portfolio to Singapore REIT
KBS Strategic Opportunity REIT has sold 11 of its properties to various subsidiaries of Keppel-KBS US REIT (SREIT), a newly formed Singapore REIT, for $804 million.
The portfolio consisted of assets strategically located in key U.S. growth markets including Seattle, Sacramento, Denver, Austin, Houston, Atlanta and Orlando.
The portfolio consists of the following properties: 1800 West Loop, Westech 360, Great Hills Plaza, Westmoor Center, Iron Point Business Park, the Plaza Buildings, Bellevue Technology Center, Northridge Center I and II, West Loop I and II, Powers Ferry Landing East, and Maitland Promenade II.
The SREIT and its underlying properties will be externally managed by a joint venture between an entity in which Keith Hall and Peter McMillan III have an indirect ownership interest in and Keppel Capital Holding Pte. Ltd.
Hall and McMillan III are co-founders of KBS Capital Advisors.
“We believe that the Singapore Transaction was an excellent opportunity to monetize these assets at attractive pricing and to utilize a substantial portion of the net proceeds to invest in new opportunistic investments, as well as current capital projects,” said Hall.
