'KOP in due diligence on Prudential Tower'

A CONSORTIUM that includes private equity group KOP is believed to be doing exclusive due diligence on a potential purchase of Keppel Reit's majority stake in Prudential Tower.

Sources say the pricing could be in the region of $2,340 per square foot (psf) of net lettable area (NLA). Based on the 221,241 sq ft net lettable area or 92.8 per cent share of the building that Keppel Reit owns, the deal size would work out to nearly $520 million.

Keppel Reit was earlier said to have had an asking price of $2,400 psf of NLA. The top floor of the 30-storey office tower is owned by Prudential and half of the 16th floor is held by a private investor. The building is on a site with a balance lease term of about 81 years.