by: Tam Ging Wien
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On the 24-Sep-2018, Keppel-KBS REIT announced its maiden acquisition of Seattle assets known as the Westpark Portfolio in Redmond, Washington for US$169.4mil.
The assets are valued at US$178.0mil and US$181.4mil by valuers Cushman and JLL respectively. The agreed acquisition price is therefore 4.8% and 6.6% discount to both the independent valuations.
According to the announcement, the acquisition is expected to be yield accretive based on pro forma figures