CBD Aether locks in purchase of Keppel's 51% stake in Beijing prime site

CBD Aether has paid $125.2m to exercise the option to buy the property.

CBD Aether has exercised the option to buy from Keppel Corporation’s indirect subsidiary Aether the 51% stake in HK Aether at an option price of $125.2m (US$94.1m). The option was granted by Aether on 28 May 2018.

HK Aether holds Beijing Aether Property Development, which owns and is developing a prime commercial site in Chaoyang District, Beijing, China.

CBD Aether and Aether will complete the proposed divestment within five business days of the exercise date.

The total consideration of the proposed sale of the stake is at $396.3m (US$297.9m). Under the option agreement, CBD Aether will deposit about $375.5m (US$282.3m) with an escrow agent.

Keppel is eyeing a gain of $114m after the sale.