Keppel Reit buys retail units in Melbourne

Singapore

KEPPEL Reit, through Keppel Reit (Australia) Trust, is acquiring three retail units from Cerberos at 8 Exhibition Street in Melbourne for A$8.6 million (S$8.5 million).

Keppel Reit currently owns a 50 per cent stake in the office development and two retail units at the same address. With the purchase of the remaining three street-fronting retail units, it will gain strategic control over the 35-storey freehold office building and own all five units. The three units just purchased occupy around 5,500 square feet and are part of the historic Herald and Weekly Times building.