KEPPEL Reit is acquiring a 99.38 per cent stake in T Tower, a freehold Grade A office building located in Seoul’s central business district , for some 252.6 billion won , its manager Keppel Reit Management announced on Tuesday.
The manager noted that the distribution per unit-accretive acquisition with a NPI yield of 4.7 per cent, is part of the Reit's ongoing portfolio optimisation efforts to improve its portfolio yield.Paul Tham, CEO of the manager, said:"The acquisition of T Tower in Seoul is in line with Keppel Reit’s long-term strategic growth plan.
The estimated total acquisition cost is about 141.1 billion won. This comprises the 129.6 billion won purchase amount, 2.5 billion won in acquisition fees to the manager, which is payable in cash or Keppel Reit units as the manager may elect, and the remainder as estimated expenses. T Tower is also located in the vicinity of a range of amenities and major hotels, and close to retail districts such as Myeong-dong and Namdaemun.
In a regulatory filing on Tuesday, the manager added that the rationale for Keppel Capital to acquire the minority stake is to help the holding company fulfil the requirement under South Korean laws for it to have at least two unitholders, and to leverage Keppel Capital's experience in South Korea.
Source: News Formal (newsformal.com)
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