Bellevue Technology Centre in Seattle, Washington. Keppel-KBS US REIT

Shares in Keppel-KBS U.S. commercial real estate investment trust (REIT) rose as much as 1.7 percent to US$0.895 in trading debut on Thursday.

At 0640 GMT, Keppel-KBS U.S. REIT was up 1.1 percent at US$0.89 on the Singapore Exchange, with nearly 10 million units changed hands.

The IPO saw the REIT issue 262.8 million units, subject to an over-allotment option, priced at US$0.88 per unit.

Another 34 million units were offered to the general public in Singapore. About US$200.4 million was received from the public offer, which was about 6.7 times subscribed.

Over 628 million units were issued to raise gross proceeds of approximately US$553.1 million (about S$753 million), which will be used towards the acquisition of the IPO portfolio and payment of transaction costs.

The REIT is jointly sponsored by Keppel Capital Holdings, a unit of the company and KBS Pacific Advisors.