Keppel Reit divests 20% stake in Ocean Financial Centre to Allianz for S$537.3 million
The agreed purchase price is 16.8% per cent or S$77.1 million higher than the historical purchase price of S$460.2 million
Singapore
KEPPEL Reit is selling a 20 per cent stake in Ocean Financial Centre to Allianz Real Estate for S$537.3 million, but will retain a majority 79.9-per cent interest in the property, its manager Keppel Reit Management said on Friday.
This is the German insurer's property investment arm's first core office investment in Singapore. Independent valuer Cushman and Wakefield VHS had valued the property at about S$2.62 billion as of Nov 15, or S$525.3 million based on 20 per cent of the property.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Half of German housing construction firms short on orders
China’s housing mess finally hits Xi’s interest
A way to beat high mortgage rates is to take over someone else’s loan
With China’s property market struggling, India, South Korea and Vietnam are hot
Shophouse sales surge and at higher prices in Q1 as high-net-worth investors return: Knight Frank
Sony’s plans for Paramount include sale of famous studio lot