Keppel REIT's Ocean Financial Centre, in which a stake was sold to Allianz Real Estate in 2018. (Photo: REITsWeek)

Keppel Corporation has reduced its stake in Singapore-heavy office landlord, Keppel REIT.

The firm disposed of 9,000,000 units of the REIT on 17 September via a married deal at SGD1.09 each.

The units disposed represent approximately 0.26% of the total issued units in Keppel REIT.

The aggregate cash consideration of SGD9,810,000 for the sale units was arrived at on a willing buyer, willing seller basis, said Keppel Corporation.

Keppel REIT is sponsored by Keppel Land, the real estate arm of Keppel Corporation.

With this sale, Keppel Corporation’s interest in Keppel REIT has decreased from approximately 49.19% to approximately 48.92%.

Its holding in the REIT now comprises 1,662,877,636 units.

Keppel REIT was last done on the Singapore Exchange at SGD1.11, which represents a discount of approxiumately 17% to book value, according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.