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KBS REIT III in $1.2B Office Sale to Newly-Formed Singapore REIT
(This article has been updated with new information.)
KBS Real Estate Investment Trust III has agreed to sell an 11-property office portfolio to Prime US REIT, a newly-formed Singapore REIT, for $1.2 billion. A KBS subsidiary will have a $201-million equity interest in Prime US REIT, according to an SEC filing.
The portfolio includes: Tower I at Emeryville, Emeryville, CA; 222 Main, Salt Lake City; Village Center Station and Village Center Station II, Greenwood Village, CO; 101 South Hanley, St. Louis; Tower on Lake Carolyn, Irving, TX; Promenade I & II at Eilan, San Antonio; CrossPoint at Valley Forge, Wayne, PA; One Washingtonian Center, Gaithersburg, MD; Reston Square, Reston, VA; and 171 17th St., Atlanta.
The Singapore REIT will be externally managed by a joint venture including KBS Asia Pte. Partners Ltd.
The sale is expected to close in July. However, KBS said it couldn’t offer assurances that the sale would close this month or at all.
Separately, KBS REIT III’s board disclosed in a July 22 filing that it would explore strategic alternatives, including possible conversion to a NAV REIT.
Pictured: Towers at Emeryville
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
