Temasek sells KReit stake for $125m

TEMASEK Holdings has sold its entire direct stake in office landlord Keppel Reit (KReit) in a share placement that started on Monday evening, sources close to the deal said yesterday.

The deal involved 103,994,321 shares offered at a price range of between $1.195 and $1.21 per share, the sources said. This represents a 1.6-1.8 per cent discount to the trust's last closing price of $1.23 on Oct 21. The placement offer amounted to an estimated $125 million.

By the market close on Tuesday, some 163 million shares worth $194.4 million had changed hands, market data from the Singapore Exchange showed.