Keppel Land completes divestment of MBFC 3 stake

It received $665.9m for the deal.

Keppel Land has completed the divestment of its one-third stake in Marina Bay Financial Centre Tower 3. The divestment was completed via the sale of the 200 fully paid-up ordinary shares to Keppel REIT.

Keppel Land received net proceeds totalling to $665.9m, after deducting rental support of $49.2m. The balance of $480.9m was paid in cash while $185m was in the form of 152,213,000 new consideration units of Keppel REIT.

The net divestment gain realised from the transaction is about $94.5m. Following the receipt of the new shares, Keppel Land’s unitholding interest in Keppel REIT hasincreased to 44.93% from 42.14%.

Keppel Land says that it expects to recognise a gain of about S$23 million for the three months ending 31 December 2014.