Keppel wrests full ownership of Keppel Bay Tower

The company has acquired the remaining 30% interest.

The property conglomerate now fully owns Keppel Bay Tower as it finished a share swap transaction with Mapletree to acquire the remaining 30% interest in Keppel Bay Tower, for approximately $180.9 million.

According to a statement by Keppel, the transaction also includes Keppel divesting its 39% interest in Harbourfront Towers 1 and 2 for approximately $225.7m.

Meanwhile, Keppel CEO Loh Chin Hua says the share swap presents an opportunity for Keppel to unwind the cross holdings with Mapletree and to further bolster Keppel Land’s stellar portfolio of prime commercial properties.

“Keppel Bay Towers and Harbourfront Towers 1 and 2 were jointly developed by Keppel and Mapletree in 2002 as part of the Keppel Bay and Harbourfront development. Keppel Bay Tower and Harbourfront Tower 1 are 18-storey twin office buildings with floor plates ranging from 15,000 to 40,000 sf,” the statement said.