All three loan facilities come with a covenant stating that Keppel REIT would have to prepay all outstanding loans if Keppel REIT Management ceases to manage Keppel REIT or be a wholly-owned subsidiary of Keppel Capital Holdings, and if Keppel Capital Holdings does not appoint a wholly-owned subsidiary as a substitute manager of Keppel REIT.
Keppel REIT, whose portfolio mainly comprises prime commercial assets in Asia, says it has obtained three bridging loan facilities totalling over $891 million.
In a bourse filing on Dec 24, Keppel REIT says it has obtained three bridging loan facilities worth $300,000,000, $297,330,000 and $294,666,667 respectively. It did not specify how the loan facilities will be used.
