Keppel (SGX:BN4) has entered into an agreement to divest its data centre joint venture, Keppel JV, to Keppel DC REIT (SGX:AJBU) for a gross divestment price of SG$1.38 billion, according to a filing with the Singapore Exchange on Tuesday.
The Keppel JV is a 60-40 joint venture between Keppel's Connectivity Division and Cuscaden Peak Investments. It owns the Keppel Data Centre Campus at Genting Lane in Singapore.
Keppel's share of the divestment price will be roughly SG$280 million, the filing said.
Through the proposed acquisition, Keppel DC REIT's AUM will expand to SG$5.2 billion and the REIT will have 25 data centers across Asia Pacific and Europe.
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