Keppel-KBS US REIT to change name and asset manager

U.S. one-dollar and five-dollar currency notes; taken September 2018.

The REIT formerly known as Keppel-KBS US REIT has changed its name to Keppel Pacific Oak US REIT, the REIT’s manager said in a filing to SGX Thursday.

The board of directors and the manager’s senior management will remain unchanged, as will the Bloomberg ticker symbol KORE:SP, the filing said.

KORE plans to enter a new outsourcing management agreement with a new U.S. asset manager, Pacific Oak Capital Advisors, with the current asset management team expected to be employed by the new asset manager, the filing said.

David Snyder, CEO and chief investment officer of the REIT manager, said the change would have no impact on day-to-day operations.

“Our strategy and focus for the REIT remains unchanged, and we will continue to invest in key growth markets of the U.S. with favorable
economic and office fundamentals that are above the national average,” Snyder said in the statement.

The new agreement with Pacific Oak Advisors will be substantially the same as the existing deal with KBS, the filing said.

Peter McMillan III and Keith D. Hall, who oversee the asset management services KBS Capital Advisors’ provides to the REIT, formed the Pacific Oak companies to own and manage KBS’ capital markets group distribution business and to provide asset management services to real-estate programs, the filing said.

KORE’s portfolio contains 12 freehold office buildings and business campuses in seven markets, including Seattle, Austin and Denver, the filing said.

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