Singapore-listed Keppel Pacific Oak US REIT (KORE) is acquiring two office buildings, Bridge Crossing in Nashville, Tennessee, and 105 Edgeview in Denver, Colorado.
”The estimated aggregate purchase consideration for the proposed acquisitions is US$105.1 million, comprising US$46.0 million for Bridge Crossing and US$59.1 million for 105 Edgeview,” said Keppel Pacific Oak US REIT in a SGX announcement.
“KORE’s focus of investing in key growth markets driven by technology and innovation has been a cornerstone of our strategy since our listing. Nashville and Denver are key growth markets with positive economic and office fundamentals, as well as significant tech investments. Top companies from different sectors have set up their headquarters or regional offices in these growth markets, especially tech companies in recent years, drawn by factors including the availability of a young and highly-educated workforce, a business-friendly environment, as well as proximity to various retail, dining and lifestyle amenities,” said David Snyder, CEO and CIO of the Manager.
“The strategic addition of two quality assets in some of the strongest markets in the US reinforces our approach and drive to pursue long-term value that will support KORE’s growth and strengthen distributions to Unitholders,” he added.
Bridge Crossing is a newly refurbished freehold three-storey office building located in the Brentwood submarket in Nashville.
Located in the Broomfield submarket in Denver, 105 Edgeview is a freehold asset and is one of the newest, highest quality office buildings in Northwest Denver.
As at 30 June 2021, Bridge Crossing and 105 Edgeview are 100% leased to tenants mainly in the fast-growing and defensive technology sector.
The proposed acquisitions are expected to be completed in 3Q 2021.