Higher rents, Seoul tower contribution boost Keppel Reit's Q3 DPU by 2.9%

Singapore

HIGHER rentals from Ocean Financial Centre and 275 George Street, and a full quarter of income contribution from T Tower in Seoul, acquired in May, as well as its unit buyback programme, lent a boost to Keppel Reit's third quarter ended Sept 30.

This was partially offset by lower revenue and earnings from Bugis Junction Towers, which Keppel Reit announced in August it was divesting for S$547.5 million, as well as the absence of rental support for Marina Bay Financial Centre Tower 3, which was fully drawn in Q1, and lower contribution from Ocean Financial Centre following the Reit's divestment of a 20 per cent stake.