Home News REITs

KORE completes divestment of Powers Ferry in Atlanta for US$16.1 mil

Felicia Tan
Felicia Tan12/22/2022 05:32 PM GMT+08  • 1 min read
KORE completes divestment of Powers Ferry in Atlanta for US$16.1 mil
Following the transaction costs and the manager’s divestment fees, the REIT has netted a divestment price of US$15.4 million. Photo: KORE
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Keppel Pacific Oak US REIT (KORE) has completed the divestment of Powers Ferry in Atlanta, Georgia to an unrelated third-party purchaser at a gross divestment price of U$16.1 million ($21.8 million). The price is said to be at 2.5% above its last independent valuation as at Dec 31, 2021.

Following the transaction costs and the manager’s divestment fees, the REIT has netted a divestment price of US$15.4 million.

The consideration was arrived at after negotiations on a willing-buyer and willing-seller basis. The factors pertaining to the consideration include the book value of Powers Ferry, which was approximately US$15.6 million as at June 30.

Units in KORE closed 0.5 US cents lower or 1.1% down at 45 US cents on Dec 22.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.