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Keppel-KBS US Reit changes name to Keppel Pacific Oak US Reit, to enter new outsourcing management agreement
KEPPEL-KBS US Reit has changed its name to Keppel Pacific Oak US Reit, effective Sept 5.
The Reit's manager said on Thursday that its counter name on the Singapore Exchange will be changed to KepPacOakReitUSD starting from Sept 10, 9 a.m.
The Reit is also undergoing a reorganisation of its asset management team, and will enter a new outsourcing management agreement with a new US asset manager following the reorganisation.
The new US asset manager, Pacific Oak Capital Advisors LLC, will employ the team that currently provides asset management services under the existing outsourcing agreement. The new outsourcing agreement is expected to be substantially on the same terms as the existing one that was signed with KBS Capital Advisors LLC.
Given that the team currently providing the outsourced asset management functions is expected to continue to perform the same functions under the new asset manager, the appointment of the new US asset manager and termination of the existing outsourcing agreement is not expected to have any material impact to the management of the Reit, said the Reit's manager.
The Reit's portfolio comprises a mix of 12 freehold office buildings and business campuses across seven key growth markets driven by innovation and technology in the US.
It has a combined asset value of US$1.09 billion. Its portfolio has a technology focus in the hubs of Seattle, Austin and Denver, making up approximately 60 per cent of the Reit’s portfolio by cash rental income.