Keppel Reit sells 92.8% stake in Prudential Tower for $512m

[SINGAPORE] Keppel Reit has struck an agreement to sell its 92.8 per cent stake in Prudential Tower for $512 million - or nearly $2,316 per square foot based on the 221,080 sq ft net lettable area - to a consortium comprising KOP Limited, Lian Beng Group, KSH Holdings and Centurion Global.

The price reflects a net yield of about 3.5 per cent based on the current income generated by the space.

Market watchers say the sale will renew speculation that …