divestment

Its US subsidiaries are VT Halter Marine and Bollinger Shipyards Lockport, L.L.C..

The property is located in the Bukit Merah district.

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.