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Keppel Land on Sunday (17 January) announced that it has acquired a 22.4 percent stake in 112 Katong from BHG Holdings, Imagine Properties and Perennial Singapore Investment Holdings for an aggregate cash consideration of approximately S$51.4 million.
Alpha Asia Macro Trends Fund, which is managed Keppel Land’s property fund management vehicle Alpha Investment Partners, holds the remaining 77.6 percent stake.
Located at the junction of East Coast Road and Joo Chiat Road, the six-storey shopping mall completed in November 2011, comes with net lettable area of about 207,000 sq ft. Major tenants include premium supermarket Katong Market Place, Golden Village, Food Republic.
Keppel Land CEO Ang Wee Gee said the property management company will focus on “strengthening the mall’s positioning as a lifestyle and dining destination in the East.” Keppel Land Retail Management was appointed retail manager of the property.
According to Keppel Corp, the transaction is not expected to have any material impact on the nnet tangible assets or earning per share for the current financial year.
Separately, the company also announced that Keppel REIT has divested its 100 percent interest in 77 King Street in Sydney, Australia, to an Invesco Asia Core Fund subsidiary for AU$160 million (S$160 million).
This translates to a divestment gain of approximately AU$28 million (S$28 million).
Keppel Corp said the sale is approximately 40 percent above the REIT’s original purchase price of AU$116 million (S$116 million) in end-2010 and an approximate 27 percent premium over the property’s latest valuation of AU$126 million (S$126 million).
Located in Sydney’s Central Business District, the property offers approximately 147,000 sq ft of net lettable area over 18 storeys of offices and two basement levels of retail space.
Image: 112 Katong. (Source: Keppel Land)
Nikki De Guzman, Editor at CommercialGuru wrote this story. To contact her about this or other stories emailnikki@propertyguru.com.sg
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