The agreed property value represents a discount of 1.0% to the property’s independent valuation of $1.467 billion. Post completion of the transaction, Keppel REIT will hold a two-thirds interest in MBFC Tower 3. The remaining $529.5 million difference between the purchase price and agreed valuation is likely to comprise the debt rollover.
Keppel REIT is acquiring a one-third stake in Marina Bay Financial Centre Tower 3 for $937.5 million in what appears to be a distribution per unit dilutive (DPU) acquisition. Meanwhile Keppel REIT's right of first refusal to Hongkong Land's stakes in Marina Bay Financial Tower 1&2 and One Raffles Quay has expired.
The purchase price is pegged to an agreed property value of $1.453 billion, or $3,268 per square foot. This values the whole property at around $4.36 billion. The seller is Sageland Private, a subsidiary of Hongkong Land Holdings.
