Keppel Land is acquiring an additional 11.85 per cent stake in Ocean Properties for S$107.1 million, through its wholly-owned subsidiary Straits Property Investments.
This will increase Keppel Land’s current stake in Ocean Properties to 87.51 per cent. Straits Property acquired the additional stake from HSBC, an existing shareholder of Ocean Properties.
Ocean Properties is a Singaporean property developer and the owner of Ocean Financial Centre – a central business district property located at the intersection of Raffles Place and Marina Bay.
Ocean Financial Centre is currently undergoing a revamp and when completed, the building will be one of the largest office properties in the central business district with 850,000 square feet of Grade A office space.
It was independently valued at S$786.9 million as at 31 December 31 last year.
The acquisition is not likely to have any material impact on the net tangible assets per share or earnings per share of Keppel Land for the financial year ending December, the company said.
Source : Channel NewsAsia – 8 Nov 2010