K-Reit eyes more acquisitions in Singapore

Keppel Real Estate Investment Trust (K-Reit) said it may pick up more assets in Singapore, as it reported a solid set of results on Monday.

Ms Ng Hsueh Ling, chief executive officer of the reit's manager, told a briefing that it would, "at the right time", approach Keppel Land to buy Marina Bay Financial Centre Tower 3.

She added that to finance the purchase, K-Reit may sell one of its older assets.

The trust on Monday said that distributable income for the fourth quarter grew 5.9 per cent from the preceding year to $54.9 million.

K-Reit said this was due to better performance at some of its Singapore properties including Ocean Financial Centre and One Raffles Quay.

Distribution per unit for the three months to Dec 31 was 1.97 cents, same as in the corresponding period a year ago.

Net property income for the quarter rose 13.9 per cent to $37.4 million from the preceding year.

For the full financial year, distributable income climbed 6 per cent to $214 million - its highest so far - and net property income rose 10.9 per cent to $138.3 million.

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