SINGAPORE (Nov 30): Keppel REIT is divesting a 20% stake in Ocean Financial Centre to Allianz Real Estate.

The agreed property value of the 20% minority stake of $537.3 million is 16.8% above Keppel REIT’s historical purchase price of $460.2 million, says the manager of Keppel REIT in a filing this morning.

Keppel REIT currently holds a 99.9% interest in Ocean Financial Centre through subsidiary Ocean Properties LLP (OPLLP).

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