Keppel achieves first close for Sustainable Urban Renewal Fund

The first close boosted Keppel's SUR strategy funds to over $2.3b.

Keppel has secured Korean institution capital, marking the first close for its flagship Keppel Sustainable Urban Renewal Fund (KSURF).

KSURF will invest in value-add real estate and platform opportunities “to create a new generation of high-quality, sustainable assets across real estate segments including commercial, living, life sciences, hospitality and logistics in Singapore, South Korea, Japan, Australia and first-tier cities in China,” Keppel said.

The first close of KSURF will not have any material impact on the earnings per share and net tangible assets per share of Keppel for the financial year ending 31 December 2024.

Meanwhile, the secured capital under KSURF boosted Keppel’s funds under management in its Sustainable Urban Renewal (SUR) strategy to over US$1.7 billion ($2.3b).

Keppel is implementing its SUR capabilities in several projects in markets including Singapore, Australia, China, India, Japan, South Korea and Vietnam.