COMMERCIAL PROPERTY | Staff Reporter, Singapore

Keppel looks to gain $114m from sale of Beijing prime site

It granted CBD Ather Center an option to buy 51% of the holding firm for $396.3m.

Keppel Corporation (Keppel) could gain $114m after the sale of its 51% stake in a prime commercial site in Chaoyang District, Beijing for $396.3m, it said in an announcement.

Its subsidiary Keppel Land China has granted CBD Aether Center the option to buy its 51% stake in the holding company of Beijing Aether Property Development, the site developer.

CBD Aether may exercise the option at any time within 120 days after the option's commencement. It agreed to pay $297.9m for the stake in the development.

"The proposed divestment is in line with Keppel Land’s strategy to recycle assets to seek higher returns," Keppel said.

It added that after the sale, its net tangible asset per share would have risen from $6.21 to $6.28 whilst earnings per share would have gone up from 11.9 cents to 18.1 cents.

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