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KEPPEL Land has acquired a 22.4 per cent stake in 112 Katong lifestyle mall for S$51.4 million.
The acquisition of the stake in the mall from BHG Holdings, BreadTalk Group and Perennial Real Estate Holdings will be made via its wholly owned subsidiary DC Reit Holdings, and will be funded through internal working capital.
The other 77.6 per cent of the mall is owned by Alpha Asia Macro Trends Fund (AAMTF), which is managed by Keppel Land's property fund management vehicle Alpha Investment Partners.
With this, Keppel Land Retail Management - renamed from Array Real Estate in which Keppel Land acquired a 75 per cent stake in January last year - will also be appointed the retail manager for the property.
Keppel Land and Perennial do not expect the deal to have any material impact on their net tangible assets or earnings per share for the current financial year.