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Keppel REIT to Divest Tokyo Office Building For 11.5 Billion Yen

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Keppel REIT (SGX:K71U) agreed to divest its 98.5% stake in KR Ginza II, a freehold boutique office building in Tokyo, according to a Wednesday filing with the Singapore Exchange.

The REIT's subsidiary, Keppel Japan KK, which holds the remaining 1.53% stake, will also divest its stake, taking the total sale price to 11.52 billion yen.

The 8-story building, which has a total lettable area of 3,594 square meters, will be sold at a 28.4% premium.

Net proceeds from the disposal will be used for debt repayment, with completion expected during the third quarter of the year.

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