Keppel acquires office palace in Seoul’s CBD for KRW 220 billion
common investment between Keppel Land and private finances managed by accessories of Keppel Capital reinforces the Group’s asset- light strategy.
Keppel Land Limited( Keppel Land)( 1), Keppel Asia Macro Trends Fund IV( KAMTF IV) and KB Bank Discretionary Fund have entered into agreements for the proposed accession of Samhwan Building, a freehold 15- storey office palace located in Seoul, South Korea, at a purchase price of roughly KRW 220 billion( roughlyS$228.7 million( 2)).
KAMTF IV and KB Bank Discretionary Fund are independently managed by Alpha Investment mates Limited and Keppel Investment ManagementCo.,Ltd., both of which are wholly possessed accessories of Keppel Capital effectsPte.Ltd.( Keppel Capital). Upon completion of the sale, Keppel Land( 1) will hold a39.5 effective interest in Samhwan Building, while the remaining31.1 and29.4 effective stakes will be acquired by KAMTF IV and KB Bank Discretionary Fund independently. The sale is anticipated to be completed by end December 2022.
Upon acquiring the property and on securing the applicable nonsupervisory permit, asset improvement enterprise including vertical extension to expand its leasable office space as well as refurbishment of being spaces will be carried out to enhance the property’s value. In addition, Keppel will look into incorporating sustainability features, similar as high- performance structure facades, energy-effective cooling and heating systems, smart lighting systems, inner environmental quality monitoring as well as intelligent structure controls, to ameliorate the asset’s functional edge and performance.
Mr Louis Lim, CEO of Keppel Land, said, “ Keppel Land is agitated to expand into South Korea through the accession of Samhwan Building in cooperation with the private finances under Keppel Capital. This common investment not only harnesses the Group’s reciprocal strengths across real estate results and asset operation but also reinforces Keppel’s asset- light business model which leverages third- party finances for growth. When refurbishment workshop are completed, Samhwan Building will be a showpiece in South Korea of Keppel Land’s Sustainable Urban Renewal capabilities, which leverages digital technologies to build, unborn- evidence and extend the lifetime of marketable structures. ”
Ms Christina Tan, CEO of Keppel Capital, said, “ As the business and fiscal mecca of South Korea, Seoul has seen a rising demand for quality office spaces in the megacity. We’re pleased to unite with Keppel Land on the accession of Samhwan Building, a uniquely located high asset in the heart of the central business quarter, which is well- poised to capture this growing demand. Keppel Capital has managed close toS$3.4 billion of means with gross bottom area of6.2 million sf in South Korea since 2004, and we’re confident that our educated platoon, active asset operation on the ground and robust value creation strategies, will enable us to induce good returns for our finances ’ investors. ”
Samhwan Building presently has a total gross bottom area of,403 sm. positioned in the central business quarter in Jongno- gu, Samhwan Building is girdled by Korean palaces in the UNESCO World Heritage List, and commands unequaled views of the surroundings. With excellent availability, the structure is a three- nanosecond walk from the Anguk Station on the Seoul Subway line three, and a 30- nanosecond drive from the other crucial business sections of Gangnam and Yeouido in Seoul.
The abovementioned sale isn’t anticipated to have any material impact on the earnings per share and net palpable means per share of Keppel Corporation Limited for the current fiscal time.
- END- About Keppel Land Keppel Land is a wholly- possessed attachment of Keppel Corporation, a Singapore flagship transnational company furnishing results for sustainable urbanisation, fastening on energy & terrain, civic development, connectivity and asset operation. Keppel Land is an innovative civic space results provider that leverages technology to deliver sustainable and client- centric results that enrich people and communities. It’s concentrated in the areas of sustainable civic renewal, elderly living, civic living, retail and large- scale intertwined developments. Its award- winning portfolio comprises investment- grade marketable parcels, domestic developments and integrated townships. It’s geographically diversified in Asia, with China, Singapore and Vietnam as its crucial requests, while it continues to gauge up in India as well as other advanced requests encyclopedically.
About Keppel Capital Keppel Capital is a premier asset director in Asia. It’s the asset operation arm of Keppel Corporation, one of Singapore’s flagship transnational companies with a global footmark in further than 20 countries. Keppel Corporation provides results for sustainable urbanisation, fastening on energy & terrain, civic development, connectivity and asset operation.
With means under operation of roughlyS$ 42 billion( 3) as at end- 2021, Keppel Capital has a diversified portfolio that includes real estate, structure, data centres and indispensable means in crucial global requests. Keppel Capital aims to produce value and deliver sustainable returns for institutional and retail investors through a range of products including listed REITs, business trusts, private finances, separate accounts and pooled investment vehicles.
Source link:https://www.kepcorp.com/
