{"id":1004198818,"date":"2017-11-30T07:46:48","date_gmt":"2017-11-30T15:46:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004198818"},"modified":"2022-12-08T17:59:20","modified_gmt":"2022-12-09T01:59:20","slug":"kbs-reit-sells-portfolio-to-new-singaporean-reit-for-804m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kbs-reit-sells-portfolio-to-new-singaporean-reit-for-804m\/","title":{"rendered":"KBS REIT Sells $804M Portfolio to New Singaporean REIT"},"content":{"rendered":"

By Scott Baltic<\/p>\n

\"Peter<\/a>

Peter McMillan III of KBS<\/p><\/div>\n

KBS Strategic Opportunity REIT Inc., a non-traded REIT based in Newport Beach, Calif., sold 11 properties totaling a net leasable area of about 3.2 million square feet to subsidiaries of Keppel-KBS US REIT for $804 million, the seller announced Tuesday. The buyer is a newly formed Singaporean REIT that recently listed on the Singapore Stock Exchange.<\/p>\n

The new REIT and its underlying properties will be externally managed by a joint venture between Keppel Capital Holdings Pte. Ltd. and an entity in which KBS Capital Advisors Co-Founders Keith D. Hall and Peter McMillan III have an indirect ownership interest.<\/p>\n

\"Keith<\/a>

Keith Hall, co-founder of KBS<\/p><\/div>\n

This transaction was \u201can excellent opportunity to monetize these assets at attractive pricing and to utilize a substantial portion of the net proceeds to invest in new opportunistic investments, as well as current capital projects,\u201d<\/em> Hall, the CEO and Director of KBS Strategic Opportunity REIT, said in a prepared statement.<\/p>\n

Portfolio spans both coasts and the South<\/h2>\n

The portfolio consists of the following properties in the Seattle, Sacramento, Denver, Austin, Houston, Atlanta and Orlando metro areas.<\/p>\n