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Keppel REIT Management Limited, as manager of Keppel REIT, wishes to announce that Keppel REIT 1 had entered into an agreement with a value-add strategy fund managed by PGIM Real Estate 2 to acquire an approximate 99.38% stake in T Tower, a freehold Grade A office building located in Seoul’s central business district (CBD), at an agreed property value of KRW 252.6 billion 3 (approximately S$301.4 million 4 ). The remaining 0.62% stake 5 will be acquired by a wholly-owned subsidiary of Keppel Capital Holdings Pte. Ltd. (Keppel Capital). Concurrently, Keppel Investment Management Co., Ltd. (Keppel Investment Management), the asset management arm of Keppel Capital in South Korea, will be appointed the local asset manager for the property.
Mr Paul Tham, CEO of Keppel REIT Management Limited, said, “The acquisition of T Tower in Seoul is in line with Keppel REIT’s long-term strategic growth plan. While Keppel REIT’s portfolio will remain anchored by our prime CBD assets in Singapore, we believe that owning assets across Singapore, Australia and South Korea will enhance our geographical and income diversification, as well as provide greater stability and further opportunities for growth in the long term.”
Keppel REIT’s objective is to generate stable income and long-term growth for Unitholders by owning and investing in a portfolio of quality income-producing commercial real estate and real estate-related assets in Singapore and pan-Asia.