divestment

The trust cited three key benefits from the portfolio's sale.

It was sold to a non-interested third-party purchaser.

This transaction includes Keppel Logistics' businesses in Singapore, Malaysia and Australia.

It was sold at a consideration of $309.1m.

It will be sold to IHP Hospitality.

This leaves the company with only a 32.4% stake in the ARISE group.

The value represents a 28.3% premium over the property’s book value of $632m. 

It will redeploy the proceeds from this divestment into higher-yielding assets.

The proceeds will go to repayments, asset enhancements, acquisitions, buy-backs.

The proposed divestment will be completed by Q1 2022.

The completion of divestment will take place during the first quarter of 2022.

A potential incentive fee of up to $18m may be applied. 

Sources say the state-owned Chinese firm is in talks with advisers about the potential divestment.

The shares will be sold to Rimorchiatori Mediterranei Spa.

SIAEC’S stake is pegged at $3.79m (US$ 2.79m).  

The sale is worth RMB1,561m (S$324m).