Property group Keppel Land Limited, through its wholly-owned subsidiary Straits Property Investments Pte, has acquired an additional 11.85 percent stake in Ocean Properties Ltd. for $107.1 million from HSBC, an existing shareholder of Ocean Properties.
Ocean Properties is the owner of Ocean Financial Centre (OFC), a fourth generation office property located at the intersection of Raffles Place and Marina Bay.
OFC is currently under redevelopment and when completed, it will be one of the largest office towers in the Raffles Place area, providing approximately 850,000 sq ft of Grade A office space with premium fittings and finishings, and state-of-the-art environmentally responsible features.
While earnings and net tangible assets are not expected to increase in the financial year, the acquisition has increased Keppel Land’s current stake in Ocean Properties to 87.51 percent.