Keppel REIT enters Tokyo office market

Keppel REIT Management Limited, as manager of Keppel REIT, has plans to acquire an effective interest of 98.47 percent in Ginza 2-chome, a freehold boutique office building in Tokyo.

The remaining 1.53 percent effective interest in the property will be held by Keppel Capital Japan Limited (Keppel Capital Japan). The total purchase consideration for 100 percent of the trust beneficial interest in the property is JPY 8.97 billion (S$86.4 million/$61.4 million)

“This strategic acquisition of Ginza 2-chome in Tokyo marks Keppel REIT’s entry into Japan, the world’s third largest economy and Asia’s largest developed market. In line with our active portfolio management strategy, we believe this quality addition will strengthen our geographical and income diversification, provide greater stability and enhance Keppel REIT’s overall portfolio returns,” said Koh Wee Lih, CEO of Keppel REI Management. “In addition, the well-located freehold asset in Tokyo’s prime G