Link: https://links.sgx.com/1.0.0/corporate-announcements/CE2AJ9SPO800OM3M/4c8da002b76a5f62f6f47fadbb006346d20fc44fff78168b208f338d35cff574

Summary:

• Keppel’s wholly-owned subsidiary, Keppel Griffin, has divested its final 51% interest in Memphis 1 Pte. Ltd. and 0.51% of outstanding Memphis 1 Class B Notes to the trustee of Keppel DC REIT, resulting in Keppel no longer having any interest in Memphis 1 or in the two data centre properties at 82 Genting Lane.

• The consideration receivable by Keppel is up to S$8.4 million, with S$6.6 million paid on completion (51% of Memphis 1’s adjusted NAV and accrued interest on notes); up to S$1.8 million more is payable if a major tenancy is extended by 10 years.

• The agreed transaction property value (with no land lease extension) is S$1,046.3 million, while the average of two independent valuations (Knight Frank and Savills) was S$1,055.5 million.

• The price was set based on the lower of the agreed value and the independent valuations, inclusive of any land premium paid.

• This disposal is a non-disclosable transaction under SGX rules and is not expected to have any material impact on Keppel’s net tangible assets or earnings per share for the current financial year.

• No director or controlling shareholder, apart from general shareholdings, has any interest in this divestment.