Singapore鈥檚 Keppel REIT has acquired the Pinnacle Office Park in Australia from Goodman Group for A$306m (鈧�188m).
The complex comprises three office buildings and is located in Sydney鈥檚 north-west in Macquarie Park.
Paul Tham, CEO of Keppel REIT Management, said: 鈥淚n the wake of COVID-19, we believe demand in Australia for quality and well-networked metropolitan locations, such as Macquarie Park, will increase as more companies seek cost-effective solutions or adopt a hub-and-spoke business model for office locations.
鈥淎cquisition of Pinnacle Office Park gives Keppel REIT exposure to a key metropolitan office market in Sydney.鈥�
Before the Pinnacle Park acquisition, five of the Keppel REIT鈥檚 portfolio of nine prime office assets, valued at S$8.2bn, were located in the central business districts of Australian capital cities.
Keppel REIT also owns an office tower in Seoul and three office towers in Singapore.
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