SPH takes 20% stake in Prime US Reit manager
SINGAPORE Press Holdings (SPH) on Tuesday completed its acquisition of a 20 per cent interest in KBS US Prime Property Management, which manages newly listed Prime US Reit.
SPH, which publishes The Business Times, announced on June 28 that its wholly-owned subsidiary Times Properties signed a call option agreement to acquire the stake in the Reit manager from KBS Asia Partners.
On Tuesday night, SPH said the conditions precedent for the completion of the call option had been satisfied, and Times Properties had exercised the call option.
The Reit manager is now an associated company of SPH.
Prime US Reit debuted on the Singapore bourse on July 19, closing at its initial public offering price of US$0.88. It is the third US office real estate investment trust to list here, following in the footsteps of Manulife US Reit and Keppel-KBS US Reit.
SPH shares ended unchanged at S$2.09 on Tuesday before the announcement was made, while units of Prime US Reit closed at US$0.88, down 1.5 US cent or 1.68 per cent.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results