Keppel Land divests stakes in two property companies

In its continual focus to strengthen its presence in its core markets and growth cities, as well as recycling assets for higher returns, Keppel Land has in recent weeks divested its stakes in two property companies in Sri Lanka and Vietnam.

Through its wholly-owned subsidiary, Edmonton Pte Ltd, Keppel Land entered into a sale and purchase agreement in February 2016 to divest its 60% interest in Keppel CT Developments Pte Ltd, a joint venture company in Sri Lanka, for a total consideration of approximately LKR 550 million (approximately S$5.5 million).

The joint venture company was formed for the development of a condominium located in Colombo, Sri Lanka.

In January 2016, Keppel Land and Kepventure Pte Ltd, a subsidiary of Keppel Corporation, entered into a sale and purchase agreement to sell their 55% and 45% respective interests in Fernland Investment Pte Ltd, which holds a 78.58% stake in an office building in Hanoi, for a total consideration of US$10.86 million (approximately S$15.2 million).