KREIT is deepening its Australian footprint with a AUD327.7m (SGD322.2m) acquisition of Blue & William, a Grade A office property in North Sydney, under development till mid-2023, at a 3.0% DPU accretion. We expect the transaction structure to underpin near-term DPU visibility, while the property, well-sited in NSW’s second largest office market, suggests a stronger medium-term rental growth outlook, and valuation upside.