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 Keppel Reit will acquire its sponsor Keppel Land's one-third stake in Marina Bay Financial Centre Tower 3.