Keppel Land Limited announced on Thursday 24 December morning that it is divesting its 100% stake in First King Properties Limited (First King) to ZGC King William Holdings Limited for £73.6 million (approximately S$131.1 million) in cash.
The Divestment is in line with the Company’s plan to monetise identified assets and apply the balance sheet space that is released for new growth opportunities under its Vision 2030.
ZGC King William Holdings is wholly-owned by a fund managed by London and Oxford Capital Markets Limited while First King owns a freehold nine-storey office building in the City of London at 75 King William Street.
The purchase price of £73.6 million includes £42.3 million (approximately S$75.3 million) for the shares in First King and approximately £31.3 million for repayment of shareholder loans that was extended to First King by Fleuters Pte Ltd.
The Sale Shares Consideration was arrived at on a willing buyer willing seller basis taking