Keppel REIT sells Tokyo office for $91m, exits asset

The sale price was 28.4% above its 2022 purchase price.

Keppel REIT has completed the divestment of its 98.47% interest in KR Ginza II, a freehold boutique office building in Tokyo, for $90.9m (JPY11.52b).

The divestment was completed on 17 August 2026, Keppel REIT Management, the manager of Keppel REIT, said.

The sale price represents a 28.4% premium over the REIT’s November 2022 purchase price and is 9.7% above its latest valuation.

Following the divestment, Keppel REIT no longer holds any interest in KR Ginza II. Its portfolio committed occupancy is expected to reach 96%, whilst its weighted average lease expiry will remain at 4.5 years.

Keppel REIT’s net property income rose 13.1% year on year to $122.5m in the first half of 2026, mainly driven by contributions from Top Ryde City Shopping Centre.

Excluding the shopping centre, NPI grew 2.5% year on year. Property income increased 16.7% to $159.3m, whilst distributable income from operations rose 25.2% to $119.6m.

Distribution per unit fell 4% to 2.61 cents due to an enlarged unit base.

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