Singapore-based Keppel’s real estate division has conditionally agreed to sell a suburban retail mall to local asset manager, Altallo Holdings, for about S$372m (€249m).
The five-storey suburban retail mall in Singapore’s East Coast is 96% occupied and offers a total net lettable area of 211,950sqft.
Lee Kok Chew, head of Keppel’s accelerating monetisation task force, said: “When completed, the transaction will unlock substantial cash that can be reinvested to higher-return opportunities aligned with the New Keppel, while allowing us to reduce debt and also reward our shareholders.”
Since embarking on its asset monetisation programme in October 2020, Keppel has announced about S$14.9bn in total asset monetisation including the latest transaction.
Altallo, founded by Seah Jun Hao and business partner Robert Tan, has been an active in the Singaporean retail sector. Recently, it purchased a portfolio of four shophouses in a suburb known as Ang Mo Kio, for S$170.5m from Lian Beng.
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