Keppel unit buys 50% of Watermark Retirement Communities for $117.59m

It has now been converted into a Delaware limited liability company.

Keppel Capital Senior Living (KC Senior Living), an indirect wholly-owned subsidiary of Keppel Corporation, has completed its 50% acquisition of total equity interests of senior housing firm Watermark Retirement Communities (WRC), a local bourse filing revealed.

The aggregate purchase price is $117.59m (US$84.6m), after it was adjusted from approximately $107.44m (US$77.3m) to account for the sellers being solely responsible for future capital call obligations relating to the Minority JV Interests.

KC Senior Living entered into a conditional equity purchase agreement with Diana and David Freshwater Living Trust last 2018. WRC has been converted into a Delaware limited liability company named Watermark Retirement Communities, LLC.

KC Senior Living stated that they will continue to raise funds potentially serve as a capital partner for future senior living projects managed by WRC.