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Keppel Corp, Keppel REIT Sell Units to Raise About S$153 Million

02/21/2013 | 09:56pm US/Eastern
   By Chun Han Wong 

SINGAPORE--Keppel Corp. (BN4.SG) and Keppel REIT together raised about 153 million Singapore dollars ($123.6 million) by selling units in the real-estate investment trust, the companies said Friday.

Keppel Corp., a Singaporean conglomerate with interests in offshore and marine, real estate and telecommunications, raised about S$100 million by paring its stake in Keppel REIT to 71.7% from 75.6%.

Keppel Corp. sold 75 million Keppel REIT units to unnamed buyers at S$1.33 apiece, it said in a disclosure to the Singapore Exchange. The selling price marked a 1.1% discount to the REIT's closing price on Thursday of S$1.345.

Keppel REIT is sponsored by Keppel Land Ltd. (K17.SG), the real-estate arm of Keppel Corp.

In a related deal, Keppel REIT (K71U.SG) raised S$53.2 million in a placement, selling 40 million new units at S$1.33 apiece. In a disclosure, the trust said it will use the proceeds to repay debt, and fund general corporate uses and working capital.

Barclays Bank handled both deals.

Write to Chun Han Wong at

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