SINGAPORE: Keppel Land has acquired a 22.4 per cent stake in 112 Katong mall from BHG, Imagine Properties and Perennial Singapore Investment for S$51.4 million, Keppel Corp announced in a press release on Sunday (Jan 17).
The remaining 77.6 per cent stake is held by Alpha Asia Macro Trends Fund, which is managed by Alpha Investment Partners, a property fund management vehicle of Keppel Land.
Keppel Corp said the transaction is not expected to have any material impact on its net tangible assets or earnings per share for the current financial year.
CEO of Keppel Land Ang Wee Gee said the property management company will focus on strengthening 112 Katong’s positioning as a lifestyle and dining destination in the East.
Keppel Land Retail Management will be appointed as the retail manager for the mall, he added.
Separately, Keppel Corp also announced on Sunday that Keppel REIT has sold its 100 per cent stake in 77 King Street in Sydney, Australia, to a subsidiary of Invesco Asia Core Fund for S$160 million (S$160 million).
The sale price is about 40 per cent above Keppel REIT's original purchase price of A$116 million in end-2010, and 27 per cent higher than the property's latest valuation of A$126 million, Keppel Corp said.