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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
Published Fri, Nov 30, 2018 · 09:50 PM
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.
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