NEWPORT BEACH, CA. (Nov. 28, 2017) – KBS Strategic
Opportunity REIT, Inc., a non-traded real estate investment trust based in
Newport Beach, California sold 11 of its properties to various subsidiaries of
Keppel-KBS US REIT, a newly formed Singapore real estate investment trust (the
“SREIT”) that recently listed on the Singapore Stock Exchange, for $804
million.
The Portfolio consisted of assets strategically located in
key US growth markets including Seattle, Sacramento, Denver, Austin, Houston,
Atlanta and Orlando. The Portfolio consists of the following properties: 1800
West Loop, Westech 360, Great Hills Plaza, Westmoor Center, Iron Point Business
Park, the Plaza Buildings, Bellevue Technology Center, Northridge Center I and
II, West Loop I and II, Powers Ferry Landing East, and Maitland Promenade II.
The SREIT and its underlying properties will be externally
managed by a joint venture between (i) an entity in which Keith D. Hall and
Peter McMillan III have an indirect ownership interest in and (ii) Keppel
Capital Holding Pte. Ltd. Keith D. Hall and Peter McMillan III are Co-Founders
of KBS Capital Advisors. The Offering consists of an international placement of
228,681,800 Units to investors, outside of the US and an offering of 34,090,600
Units to the public in Singapore.
“We believe that the Singapore Transaction was an 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,” said Keith Hall, Chief
Executive Officer and Director of KBS Strategic Opportunity REIT. “We are
pleased with the completion of the transaction.”