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Keppel REIT buys stake in Australia office site

by Andrea Waitrovich

Keppel REIT has signed an implementation deed with Australia Postal Corp. to buy a 50 percent interest in a premium office tower to be developed at 311 Spencer St., Melbourne, Australia.

The sales price was A$347.8 million ($267.3 million).

Cbus Property, the property developer, will hold the remaining 50 percent stake.

The site will have a new 42-story class office tower with an estimated total net lettable area of 717,000 square feet and 600 car park lots.

The construction of the office tower will start in the third quarter of this year. Completion is expected during the fourth quarter 2019.

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