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KEPPEL Land will be acquiring a 75 per cent stake in retail management company, Array Real Estate, for an undisclosed sum.
In an announcement on Thursday evening, Keppel Land said that as part of the joint-venture agreement with Hong Kong-incorporated Array Holdings, the remaining 25 per cent stake will continue to be held by Array Holdings.
The transaction is expected to take place in January next year. It is not expected to have any material impact on the net tangible asset per share or earnings per share of Keppel Land Group for the current financial year.
Said Keppel Land in an announcement: "Array has a strong track record in the development, management and marketing/leasing of retail malls. Their clients include property owners and property funds in Singapore and the region.
"Its experienced senior management team has collectively played key roles in the development and/or mall management of approximately three million sf of retail space over the years. These include Jurong Point Shopping Centre, Heartland Mall, Century Square, Tampines One, Hougang Mall, Tiong Bahru Plaza, White Sands, Liang Court, and Taimall in Taiwan," added Keppel Land.
Amendment: An earlier version of this article stated that Array Real Estate is a Hong Kong company. Keppel Land has clarified that it is in fact a Singapore company. The article above has been revised to reflect this.