SUBSIDIARIES of property and rigbuilding group Keppel Corporation have sold a Shanghai retail mall, three years after buying it.
A portion of the profits, S$73 million, will be recognised by Keppel Land, a Keppel subsidiary. Keppel Land owns 42.5 per cent of Equity Central Holdings, which in turn owns 80 per cent of Sparkle Bright Holdings, the indirect holding company and operator for the mall.
The mall, Life Hub @ Jinqiao, is a mixed-use development in Shanghai's Pudong district that has 114,730 sq m of gross floor area of retail shops over 10 low-rise buildings. The development also includes a 10-storey office tower with a retail podium.
The buyer is Star Champ Development, a subsidiary of developer Chongbang Group.
The remainder of the 80 per cent of Sparkle Bright is owned by the Alpha Asia Macro Trends Fund II and a co-investor. The Alpha fund is managed by Keppel subsidiary Alpha Investment Partners, Keppel's asset management arm.
The sale is expected to be completed by end-September 2016.
Keppel shares last traded at S$5.18.