{
  "id": 9322121,
  "title": "Keppel Reit to divest freehold Grade A office building in Seoul for US$255.8 million",
  "url": "https://urgent.news/2026/09/23/keppel-reit-to-divest-freehold-grade-a-office-building-in-seoul-for",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-23T11:21:05.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/keppel-reit-divest-freehold-grade-office-building-seoul-us255-8-million"
  },
  "original_language": "en",
  "account": "Keppel Real Estate Investment Trust (Reit) has agreed to sell T Tower, a freehold Grade A office building in Seoul, for US$255.8 million, according to a press release dated September 23. This price is a 37.2% premium to the property's purchase price when Keppel acquired the building in April 2019, and a 7.4% premium to its valuation as of August 31, 2022, in local currency terms. The 28-storey building, situated in Seoul's central business district, has a gross floor area of 41,598 square meters and was 92.1% occupied as of June 30, 2022.\n\nKeppel Reit plans to divest its 99.38% stake in the tower, with the remaining 0.62% held by Keppel Capital Investment Holdings, which will also sell its share. The manager of Keppel Reit intends to utilize up to S$25 million of net sale proceeds to conduct unit buybacks on the open market following its third-quarter business update, contingent upon prevailing market conditions and applicable laws and regulations.\n\nThe transaction, which is anticipated to be finalized by the fourth quarter of the year, aims to strengthen Keppel Reit's balance sheet, enhance its financial flexibility, and align with its strategic capital recycling capability. Chua Hsien Yang, CEO of the manager, emphasized that this divestment, along with the recent disposal of KR Ginza II in Tokyo, demonstrates Keppel Reit's ability to recycle capital effectively and improve its balance sheet, ultimately increasing the trust's financial flexibility. Post-sale, Singapore will account for 81.1% of the trust's portfolio value.",
  "summary": "It is expected to be completed by Q4 this year",
  "key_points": [
    "Keppel Reit sells Seoul's T Tower for US$255.8 million",
    "Price 37.2% premium to purchase cost, 7.4% above 2022 valuation",
    "Divestment aims to strengthen balance sheet and financial flexibility"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}