Keppel REIT H1 NPI rises 13.1% to $122.5m, divests Ginza asset

DPU slips 4% to 2.61 cents on enlarged unit base.

Keppel REIT’s net property income (NPI) rose 13.1% year-on-year to $122.5m in the first half of the year, driven mainly by contributions from Top Ryde City Shopping Centre.

Excluding the shopping centre, NPI grew 2.5% from a year earlier, according to a bourse filing.

Property income increased 16.7% to $159.3m. Distributable income from operations grew 25.2% to $119.6m.

However, distribution per unit fell 4% to 2.61 cents due to an enlarged unit base during the period.

Separately, Keppel REIT is divesting KR Ginza II in Tokyo, Japan for $90.9m (JPY11.52b), representing a 28.4% premium over its November 2022 purchase price and 9.7% above its latest valuation.

Following the sale, portfolio committed occupancy is expected to hit 96%, whilst its weighted average lease expiry will remain at 4.5 years.

The transaction is expected to be completed in the third quarter of the year.

$1 = JPY126.69

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia