Goldman Sachs Refutes News of Keppel REIT Purchase

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Investment banking firm Goldman Sachs have clarified that it is in fact not buying 180 million units of Keppel REIT as reported in the news yesterday. Several news sources have erroneously reported that Keppel Corporation will be selling 180 million units of Keppel REIT to Goldman Sachs at a price of S$1.555 per unit.

Screenshot from a local daily which erroneously reported Goldman Sachs to be buying 180  million units of Keppel REIT

A spokesperson from Goldman Sachs has informed REITSWEEK directly that there seems to be a misunderstanding on the news and that Goldman Sachs's role in the sale of 180 Million units in Keppel REIT is nothing more than just a placement agent and that it is not directly holding a stake in any of the 180 million units being put up for sale.

News of the purported sale caused a fair amount of excitement within the property investment community, with some seeing the sale as an affirmation of the trust that Goldman Sachs places in the quality of properties in Keppel REIT's portfolio.

The Keppel REIT portfolio includes Grade-A quality office properties such as Ocean Financial Center. 

Completion of the sale of the units is expected to take place by 27 May 2013. Upon completion, the Keppel Corporation's interest in Keppel REIT will decrease from 58.2 percent to 51.5 percent.Units of Keppel REIT are currently trading on the Singapore Exchange at S$1.57. REITSWEEK reported on the sale of Keppel REIT here yesterday.

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