Corporate digest

Keppel Corp

KEPPEL Corp has received an eligibility to list letter from the Singapore Exchange for the proposed initial public offering of a US commercial real estate investment trust (Reit) on the mainboard. Keppel, a conglomerate with shipyard and property businesses, among others, said no decision has been made on whether the proposed Keppel-KBS US Reit will take place. However, Keppel on Friday agreed to take a 50 per cent interest in the proposed Reit manager, Keppel-KBS US Reit Management, for US$27.5 million. The other 50 per cent owner of the manager, KBS Pacific Advisors, is also the vendor of the properties forming the Reit's initial portfolio. KBS will jointly sponsor the Reit with Keppel's wholly owned subsidiary, Keppel Capital.

SBI Offshore