Blue & William Acquisition Overview
Transaction Overview
100% Interest in Blue & William
(2-4 Blue Street and 1-5 William Street, North Sydney)
Estimated Net Lettable Area
Total Development Consideration(1)
"On Completion" Valuation
Funding
Initial NPI Yield
-
14,133 sm (152,128 sf)
A$327.7 million (S$322.2 million)(2)(3)
A$327.8 million (4) (S$322.3 million)(2)
100% by AUD-denominated loans
Progressive payment based on construction
milestones
4.5%(5)
DPU Accretion
Developer
3.0% (6)
Lendlease
Globally integrated real estate and
investment group headquartered in Australia
-
Bears all development risks
Acquisition Completion
Estimated Practical Completion
(1)
End-2021
Mid-2023
Artist's Impression
Total development consideration will be subject to further true up adjustments depending on the final surveyed floor area, leasing status and actual rents achieved at the property.
(2) Based on an exchange rate of A$1.00 to S$0.9833 as at 25 November 2021.
(3)
Including estimated transaction costs, the acquisition consideration would be approximately A$342.9 million (S$337.1 million).
(4)
Keppel REIT
"On completion" independent valuation was conducted by CIVAS (NSW) Pty Limited ("Colliers") based on the capitalisation and discounted cash flow approach.
The valuation without rental guarantee is approximately A$315.0 million (S$309.7 million).
3
(5)
Based on the estimated net property income (NPI) for the first operational year after practical completion and taking into account rental guarantee.
(6)
On a pro forma basis for FY 2020 assuming Blue & William had achieved practical completion on 1 January 2020.View entire presentation