Under the conditional agreement, Keppel is divesting 100% of its shares in PRE 1 Investments, which holds the property indirectly through Katong Retail Trust. Altallo Holdings will pay the sum over three tranches. This comprises $0.03 million for the sale shares and $372 million for the repayment of a loan extended to Katong Retail Trust by another Keppel subsidiary.
Keppel Limited has agreed to divest its stake in suburban retail mall i12 Katong to Altallo Holdings for a cash consideration of $372.03 million.
The 99-year leasehold five-storey mall, deemed by the group as a non-core asset, is located at 112 East Coast Road and has a net lettable area of 211,950 sq ft, which includes three basement levels. As at Jan 31, the mall has a committed occupancy of about 96%. Its tenants include CS Fresh, Golden Village, Core Collective and SG Hawker.
