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FINWIRES

Keppel REIT Divests Seoul's T Tower for KRW349 Billion

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Keppel REIT (SGX:K71U) agreed to divest its entire 100% stake in T Tower, South Korea, for 348.8 billion won, according to a Wednesday filing with the Singapore Exchange.

T Tower is a 28-storey freehold office building in Seoul's central business district, with a gross floor area of 41,598 square meters. The property was 92.1% occupied as of June 30.

The divestment is expected to be completed in the fourth quarter, with net proceeds to be used for debt repayment, acquisitions, or working capital.

Shares of the REIT were down over 1% in Thursday trading.

What else is happening in Asia?

Asia

Shenzhen Megmeet Electrical Buys Out 46.3% Stake in Subsidiary

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SHE:002434
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Carimin Petroleum Raises Stake in Sealink International to 25.3%

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KLSE:CARIMINKLSE:SEALINK