News about Keppel REIT —
Keppel REIT to divest T Tower at agreed property value of 348.8 bil won
Keppel REIT will divest its 99.38% interest in T Tower in Seoul at an agreed property value of 348.8 billion won ($326.6 million). Keppel Capital Investment Holdings Pte. Ltd., which holds the remaining 0.62% interest in the property, will also divest its stake....read more on The Edge Singapore
The sum represents a premium of 37.2% to the property’s purchase price when it was acquired in May 2019 and a 7.4% premium to its valuation as at Aug 31 in local currency terms. Keppel REIT announced that it was acquiring the 28-storey freehold Grade A office building at an agreed property value of 252.6 billion won or $301.4 million at the time. Completed in 2010, the property has a gross floor area of 41,598 sq m and attributable net lettable area of 21,084 sq m. It was 92.1% occupied as at June 30.