Keppel-KBS US Reit completes acquisition of Florida office property

KEPPEL-KBS US Reit's (real estate investment trust) manager has announced on Thursday that it has completed the acquisition of Maitland Promenade I, an office property located in the Maitland submarket of Orlando, Florida, for US$48.5 million from The Realty Associates Fund X.

Maitland Promenade I has a net lettable area of 230,371 square feet, with a committed occupancy rate of 98.1 per cent as at Oct 25, 2018.

It had previously announced its intention to acquire the property on Nov 28, 2018. Back then, chief executive and chief investment officer of the manager, David Snyder, said the acquisition is part of the Reit's strategy to grow its portfolio by acquiring quality income-producing properties in "first choice sub-markets with positive macroeconomic and office fundamentals".

Maitland is the Reit's 13th property, and increases its committed portfolio occupancy from 90.1 per cent to 91.9 per cent, bringing total assets under management to US$1.04 billion.

Keppel-KBS US Reit rose US$0.005 or 0.77 per cent to close at US$0.655 on Wednesday.