Keppel Reit divests Sydney property for A$160 million
KEPPEL Reit will be divesting its stake in a Sydney building for A$160 million (S$160 million).
The sale of its 100 per cent interest in 77 King Street to ARE Noble, a wholly owned subsidiary of Invesco Asia Core Fund, will result in a divestment gain of about A$28 million, it said.
The A$160 million consideration is some 40 per cent above the original purchase price of A$116 million in end-2010, and about 28 per cent higher than the A$126 million that the property was last valued at.
The Reit's manager said that it intends to use the proceeds to pay existing debt, fund general corporate and working capital purposes and for future investment opportunities.
"The strategic divestment of 77 King Street is in line with our commitment to maximise and capture value for unitholders, while providing Keppel Reit with greater financial flexibility," said Keppel Reit Management's CEO, Ng Hsueh Ling.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DBS puts 46 HDB shops, private strata retail units on market for S$210 million
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Global wave of consultancy layoffs has not hit Singapore
P&G raises annual core profit forecast on resilient demand, price hikes