Keppel Corporation Limited, through its wholly-owned subsidiary Keppel Real Estate Investment Private Limited, has entered into a sale and purchase agreement with Goldman Sachs Singapore as placement agent for the sale of 180 million units of Keppel Real Estate Investment Trust (Keppel REIT) (SGX:S2FU) for S$1.555 each.

The transaction reduces Keppel Corporation's interest in Keppel REIT to just  51.5 percent.

The price represents a discount of about S$0.04 from prevailing market prices. The transaction of 180 million units represents 6.7 percent of the total issued units in Keppel REIT. Upon completion of the transaction which is due to settle by the May 27, Keppel Corporation's interest in Keppel REIT will decrease from 58.2 percent to 51.5 percent or 1,381,550,054 units.

Units of Keppel REIT are currently trading down at about 1.5 percentage points from its previous close at S$1.56.