Keppel REIT has sold their 77 King Street asset in the Sydney CBD to ARE Noble Pty Ltd, a wholly-owned subsidiary of Invesco Asia Core Fund, for $160 million. 77 King Street comprises 10,610 square metres of office space across 18 levels, two basement levels of retail space totalling 1,227 square metres and a 773 square metre childcare centre. Its current tenants include Apple, Facebook and Capgemini.
The sale price was 38 per cent above Keppel REIT's original purchase price of $116 million in December 2010 and an approximate 27 per cent premium over the property's latest valuation of $126 million.
Keppel REIT intends to use the sale proceeds to repay existing debt, fund general corporate and working capital purposes and/or for future investment opportunities.