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KBS Strategic Opportunity to sell 11 assets to planned Singapore REIT

KBS Strategic Opportunity REIT Inc. plans to sell 11 of its properties to subsidiaries of a recently created real estate investment trust that will be listed on the Singapore Stock Exchange.

The REIT will be sponsored by KBS Pacific Advisors Pte. Ltd. and Keppel Corp. Ltd.'s Keppel Capital Holdings Pte. Ltd. Keppel previously disclosed that a KBS Capital Advisors LLC-managed fund would inject an initial portfolio of 11 office assets into the REIT.

KBS Strategic Opportunity will gain up to 9.5% ownership in the REIT upon completion of the listing, which is conditional upon, among other things, the REIT obtaining sufficient funds to purchase the properties, according to a filing.

A joint venture between Keppel Capital Holdings and an entity which will be indirectly owned by KBS Strategic Opportunity CEO and Director Keith Hall and President and Chairman Peter McMillan III will be set up to externally manage the REIT.