Singapore REIT Takes Over Ocean Properties For $1.6B

Law360, New York (October 17, 2011, 6:15 PM EDT) -- Singapore real estate investment trust K-REIT Asia Management Ltd. on Monday announced its purchase of a majority interest in Ocean Properties Pte Ltd., owner of a new 43-story office building in Singapore's central business district, for 2 billion Singapore dollars ($1.57 billion) from Keppel Land Ltd.

The deal, which requires shareholder approval, would give K-REIT an 87.5 percent interest in the property for 99 years, boosting the company's effort to expand in Singapore's fast-growing commercial real estate market.

“The acquisition will allow K-REIT to own one...
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