Keppel REIT to acquire 50% interest in Sydney freehold class A office building for $237m

Keppel REIT has entered into a contract of sale to acquire an effective 50 percent interest in 255 George Street, a freehold class A office building in Sydney, for A$363.8 million ($237 million).

The remaining 50 percent interest in the property will continue to be held by the seller, Mirvac Funds Management Australia Limited, as trustee of Mirvac Wholesale Office Fund I.

“Located in the highly sought-after Core Precinct of Sydney’s CBD, 255 George Street is an iconic freehold class A office building with excellent ESG credentials. With the core precinct's positive office market outlook and the property’s prime specifications, this DPU accretive acquisition will enhance the quality of Keppel REIT’s portfolio, and we are confident that it will continue to attra