Keppel Pacific Oak US REIT to Expand Portfolio with Acquisitions of Nashville and Denver Assets
July 29, 2021 – Keppel Pacific Oak US REIT announced the proposed acquisitions of two office buildings – Bridge Crossing in Nashville, Tennessee, and 105 Edgeview in Denver, Colorado.
The estimated aggregate purchase consideration for the proposed acquisitions is US$105.1 million, comprising US$46.0 million for Bridge Crossing and US$59.1 million for 105 Edgeview.
Nashville and Denver are two of the six new favourite ‘boomtowns’ for young talent pool in the US in a trend that researchers are calling ‘the Great American Move. Known also as 18-hour cities, Nashville and Denver are highly coveted destinations due to their lifestyle, culture and employment opportunities. Besides Nashville and Denver, other 18-hour cities include Seattle and Austin, where KORE has presence in.
As at 30 June 2021, Bridge Crossing and 105 Edgeview are 100% leased to tenants mainly in the fast-growing and defensive technology sector. They include the anchor tenant at Bridge Crossing, Comdata, which is part of Fleetcor Group, a leading global business payment firm listed on the New York Stock Exchange, as well as the anchor tenant at 105 Edgeview, Gogo Business Aviation, which is the world’s largest provider of broadband connectivity services for the business aviation market.
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