Keppel Philippines Properties and Opon-KE Properties are selling their 50% interest in an office retail complex in the capital of the Philippines for PHP7.99bn (€137m) to fellow shareholder BDO Unibank.
BDO Unibank, which already owns 50% of the Podium Complex, will acquire the remaining stake in the asset help through the SM Keppel Land vehicle.
Keppel Philippines Properties, a subsidiary of Singapore’s Keppel Corporation, has a 78.4% effective interest in Opon-KE Properties.
Keppel and BDO developed the Podium from a shopping mall that opened in 2022 before redeveloping the site into a retail and commercial hub that includes the 40-storey The Podium West Tower.
The Podium shopping mall had a total leasable area of 50,000sqm while the Podium West Tower has a net leasable area of 90,000sqm.
Keppel said the divestment was in line with Keppel’s Vision 2030 asset monetisation plans to unlock capital which could be channelled towards new growth opportunities.
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