Keppel REIT (SGX:K71U) agreed to divest its entire 100% stake in T Tower, South Korea, for 348.8 billion won, according to a Wednesday filing with the Singapore Exchange.
T Tower is a 28-storey freehold office building in Seoul's central business district, with a gross floor area of 41,598 square meters. The property was 92.1% occupied as of June 30.
The divestment is expected to be completed in the fourth quarter, with net proceeds to be used for debt repayment, acquisitions, or working capital.
Shares of the REIT were down over 1% in Thursday trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments