Keppel Reit's Q4 DPU down

Singapore

KEPPEL Reit's divestment of its stake in Prudential Tower led its fourth-quarter distribution per unit (DPU) to fall to 1.51 Singapore cents for the period ended December 2014, down from 1.97 cents a year ago.

This was a "one-off impact to the distribution", the Reit manager said. Keppel Reit had sold its 92.8 per cent stake in the building for S$512 million to a consortium comprising KOP Limited, Lian Beng Group, KSH Holdings and Centurion Global last year.

If it had managed to complete its acquisition of a one-third stake in Marina Bay Financial Centre (MBFC) Tower 3 sooner than Dec 16, earnings from the new asset might have offset the loss. But the time-consuming regulatory approval processes meant that eventually, only a two-week contribution from MBFC Tower 3 was …