Keppel Pacific Oak US REIT agreed to acquire a two-building office complex in Irving, Texas, from KBS SOR 125 John Carpenter LLC for an estimated aggregate purchase consideration of US$101.5 million.
The targeted One Twenty Five property at 125 East John Carpenter and 5100 North O'Connor provides 445,317 square feet of office space. It is 95.5%-leased as of June 30 to 20 tenants including Fresenius Medical Care subsidiary Bio Medical Applications of Texas and Goldman Sachs Group Inc. unit United Capital Financial Advisors.
The Singapore-listed real estate investment trust, formerly known as Keppel-KBS US REIT, is expecting to spend US$105.2 million in total to settle the transaction. It plans to finance the acquisition using proceeds from a private placement to institutional and other investors, debt financing and internal cash resources.
Keppel Pacific added that the purchase is expected to be completed in the fourth quarter, subject to various conditions including the approval of its unit holders.
