Over the weekend, Keppel REIT (SGX: K71U) announced that it had entered into an agreement with the Goodman Group to acquire a commercial property in Sydney, Australia.

As a recap, Keppel REIT owns a portfolio of premium grade A commercial assets in prime business and financial districts within Asia. Total assets under management (AUM) stood at around S$8 billion as of 30 June 2020.

This acquisition is expected to further improve the characteristics of the REIT’s portfolio and add another feather in its burgeoning cap.

Details of the acquisition

Keppel REIT is looking to acquire a 100% interest in Pinnacle Office Park for A$306 million (around S$303.3 million).

This is a Grade A commercial property consisting of three office buildings located within Macquarie Park in Sydney.

The property has a net lettable area of around 35,000 square metres and is 96.3% committed.

The total number of tenants for all three buildings