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Keppel to sell 51% stake in Singapore office tower vehicle for $477 million

By Reuters News

Oct 20 (Reuters) - Singapore's Keppel KPLM.SI said on Tuesday it would sell a 51% stake in K-Commercial, the entity that owns the Keppel South Central office building, to Keppel REIT KASA.SI for about S$611 million ($477.42 million).

Here are the details:

  • The asset manager said the transaction would bring its announced asset monetisation so far this year to S$3.7 billion

  • The consideration comprises S$149 million for the equity stake and about S$462 million for the repayment of a shareholder loan extended by Keppel to K-Commercial

  • Keppel will retain a 49% stake in K-Commercial, while its real estate division will continue to provide property management and leasing services to Keppel South Central

  • Keppel will also have a call option to re-acquire the 51% equity stake for a nominal consideration after 70 years

  • The divestment is expected to be completed in the second quarter of 2027


($1 = 1.2798 Singapore dollars)

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