Keppel Land buys 22.4% stake in lifestyle mall 112 Katong for $51.4m

Keppel Land buys 22.4% stake in lifestyle mall 112 Katong for $51.4m

Keppel Land Limited (Keppel Land) announced in a statement on Sunday, Jan 17, that it has acquired in aggregate, a 22.4 per cent stake in 112 Katong lifestyle mall from BHG Holdings Pte. Ltd., Imagine Properties Pte. Ltd. and Perennial Singapore Investment Holdings Pte. Ltd.

Through a wholly-owned subsidiary, the corporation acquired the stake for an aggregate cash consideration of approximately $51.4 million.

The remaining 77.6 per cent stake is held by Alpha Asia Macro Trends Fund (AAMTF), which is managed by Alpha Investment Partners, a property fund management vehicle of Keppel Land.

Chief executive of Keppel Land Ang Wee Gee said: "We will focus on strengthening the mall's positioning as a lifestyle and dining destination in the East, catering to shoppers who are looking for unique experiences."

Keppel Land said the consideration of their acquisition was on the basis of a willing-buyer and willing-seller.

It added that the transaction is not expected to have any material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

Over the years, Keppel Land has been involved in the development and management of retail space for several shopping malls in Singapore as well as Taiwan's Taimall.

ssandrea@sph.com.sg

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