KBS Strategic Opportunity REIT Inc. sold 15,714,100 of the units it owns in Keppel-KBS US REIT for 88 U.S. cents per unit, the same price as the Singapore real estate investment trust's recently completed IPO.
The company's KBS SOR Properties LLC subsidiary sold the units to the underwriters through full exercise of the 30-day overallotment option.
KBS Strategic said it now owns 43,999,500 units, or a 7.0% ownership interest, in the Singapore REIT. KBS SOR had subscribed for 59,713,600 units of the Singapore REIT at the same IPO price under a deal with Keppel-KBS US REIT Management Pte. in October.