SEE: Keppel DC REIT increases limit of multicurrency medium term note programme to $2 bil
The increase was partially offset by the absence of income from Bugis Junction Towers, which was divested in November 2019, the impact of Covid-19 tenant relief measures and the cessation of rental support.
Keppel REIT’s all-in interest rate was lower at 2.35% last year compared to 2.77% per annum in 2019. Aggregate leverage was 37.3% with a weighted average term to maturity of 3.2 years. Interest coverage ratio was 3.4 times and the interest rates of 74% of total borrowings are fixed.
In Melbourne, Keppel REIT completed the acquisition of the Victoria Police Centre at 311 Spencer Street, which serves as the headquarters for the Victoria Police, completed on July 9 2020. Contributions to net property income in 2021 could be boosted by the acquisition of a 100% interest in Pinnacle Office Park, a freehold Grade A commercial property within Macquarie Park in Sydney, completed on Dec 31, 2020. In Singapore, the acquisition of Keppel Bay Towers, which is an interested party acquisition, and has yet to complete.
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Because of non-renewals at One Raffles Quay and Marina Bay Financial Centre, Keppel REIT’s retention rate was 72% last year. More than half of the non-renewed spaces have since been committed to new and expanding tenants, the manager says.
Units in Keppel REIT closed flat at $1.18 on Jan 25.
