Keppel REIT rolls out private placement to fund acquisition of Keppel Bay Tower

Keppel REIT plans to raise $270m, and $262m of which will go to funding the property acquisition.

Real estate investment firm Keppel REIT announced on 18 February that its private placement price would fall between $1.11 and $1.14 per unit, with approximately 235m to 242m units up for sale.

The private placement is expected to be held on 1 March.

Approximately 97.2% of the expected gross proceeds of $270m will go to the proposed acquisition of Keppel Land owned Keppel Bay Tower, whilst 1.5% of the proceeds would go to payment of fees and expenses in connection to the acquistion. The remaining 1.3% would go to general corporate and working capital.

Keppel Bay Tower is a Building and Construction Authority-certified Green Mark Platinum (Zero Energy) commercial building. It is 18 storeys high and located within Singapore's water business hub.

Keppel REIT also said the acquisition would improve total unitholder returns, diversify its portfolio, and complement its expansion in Central Business District.

Also Read

Daily Markets Briefing: STI down 0.7%; Top stock is DBS

Daily Markets Briefing: STI up 0.41%; Top stock is ST Engineering

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit