COMMERCIAL PROPERTY | Staff Reporter, Singapore

Keppel DC to sell 38 million units for $91.96m

It is priced at $2.42 apiece.

Keppel DC Investment Holdings, an indirect wholly-owned subsidiary of Keppel Telecommunications & Transportation (Keppel T&T), has agreed to sell 38 million units in Keppel DC Reit for $91.96m, according to an announcement.

It is priced at $2.42 apiece. It arrived after taking into account Keppel DC REIT's last transacted price of $2.52 per unit and the volume-weighted average price per unit of $2.4979 for the full market day on 27 April.

Also read: Keppel DC REIT's NPI jumped 28.3% to $55.44m in Q1

The book value and net tangible asset value per sale unit were both $1.14 as of 31 December 2019.

The Keppel Corp subsidiary inked the sale-and-purchase agreement on 27 April with Credit Suisse (Singapore) as the placement agent, representing approximately 2.33% of the total issued units in Keppel DC REIT. This is said to allow Keppel T&T to realise profits that can be redeployed for new opportunities.

The completion of the sale is expected on 30 April. Upon completion, Keppel Corporation’s indirect interest in Keppel DC REIT will decrease to approximately 20.93%, comprising around 342 million units from the previous 23.26% with around 380 million units.

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