K-REIT PROPOSED ACQUISITION OF FOUR LEVELS OF STRATA OFFICE (LEVEL 26-29) AT PRUDENTIAL TOWER

PROPOSED ACQUISITION OF FOUR LEVELS OF STRATA OFFICE (LEVEL 26-29) AT PRUDENTIAL TOWER:

• Press Release
• Announcement

Key Points

• The Reit has entered into a sale and purchase agreement with the following parties for the acquisition of the following levels in the building located at the Prudential Tower:
• Innisvale Investments Pte Ltd in respect of Level 26;
• Maraha Pte Ltd in respect of Level 27;
• Lima Bintang Holdings Pte Ltd in respect of Level 28; and
• Mirabeau Gardens Pte Ltd in respect of Level 29.
• Vendors will provide rental support of up to S$8.09 million, for the period commencing from the date of completion of the Acquisition until 31 March 2015.
• The Property consists of four (4) strata office floors totalling 48,158 square feet (“sf”) which represents 19.4% of the strata value of the building. K-REIT Asia currently owns 73.4% of the strata value of the building. Post-completion of the Acquisition, K-REIT Asia will own 92.8% of the strata value of the building.
• The aggregate purchase consideration of the Property is S$125,113,940.00.
• The Acquisition will be entirely funded by debt. K-REIT Asia’s aggregate leverage (calculated as gross borrowings divided by total deposited property value) is expected to increase marginally from 37.0% to 39.3% after the completion of the Acquisition.

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