Keppel Reit wanted more of MBFC, but HK Land’s 20-day deadline hobbled any plan to adjust gearing
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Keppel Reit recently acquired a one-third stake in MBFC Tower 3 for S$1.45 billion but faced limitations due to high gearing, preventing further acquisitions. With only 20 days to respond to offers for additional properties, Keppel Reit let opportunities lapse. The Reit plans to reduce leverage through divestments and aims for rental growth, banking on tax savings and lease expirations. CEO Chua Hsien Yang emphasized the strategic value of Tower 3, citing its tenant DBS and the lack of new office supply in the CBD as factors supporting rental growth. The management is committed to strong dividends for investors.
Source: Businesstimes The copyright of this article belongs to the original author/organization.
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