Keppel Reit acquires Sydney commercial property for A$306m

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KEPPEL Reit is acquiring a freehold commercial property in Sydney for A$306 million (S$30 4 3.3 million), the real estate investment trust's manager said on Sunday. Read more at The Business Times.

Mr Tham said the company believes 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 in the wake of the Covid-19 pandemic.

The property has a total net lettable area of 35,132 square metres and is well served by public transport and major arterial roads that provide direct links to the central business district , the reit manager said in a press release. Commuting time between to the Macquarie Park, the second largest office market in New South Wales, is expected to improve to 20 minutes when the new City and Southwest metro is completed in 2024, the r R it manager said.

Source: News Formal (newsformal.com)

 

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