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.