Singapore mainboard listed office REIT, Keppel Real Estate Investment Trust (SGX:K71U), announced on 26 September that it has divested its 92.8% stake in Prudential Tower to companies held by KOP Limited, Lian Beng Group Ltd, KSH Holdings Limited and Centurion Global Ltd.

Plans for the divestment were first announced on 15 May 2014 when Keppel REIT said that it would sell Prudential Tower for SGD512.0 million. The sale price is 4.5% above the property's valuation of SGD490 million as at 28 April 2014. The sale price also represents a 46.7% premium over Keppel REIT's original purchase price of SGD349.1 million.

With the divestment, Keppel REIT's portfolio now consists of interests in nine office assets across Singapore and Australia.

In Singapore, this includes a 99.9% interest in Ocean Financial Centre, a one-third interest in Marina Bay Financial Centre (MBFC) Phase One (comprising Towers 1 & 2 and Marina Bay Link Mall), a one-third interest in One Raffles Quay and Bugis Junction Towers. On 18 September, the REIT also announced that it will be acquiring a one-third stake in MBFC Tower 3.

Keppel REIT’s assets in Australia include a 50% interest in 8 Chifley Square and the office tower at 77 King Street, both in Sydney, a 50% interest the office building at 8 Exhibition Street in Melbourne, a 50% interest in 275 George Street in Brisbane, as well as a 50% interest in the new office tower to be built on the site of the Old Treasury Building in Perth.

Units of Keppel REIT are currently listed on the Singapore Exchange at SGD1.19.