K-REIT – BT

K-REIT raises stake in Ocean Properties to 99.9% for $228.4m

K-REIT Asia has for $228.4 million, acquired an additional 12.39 per cent interest in Ocean Properties LLP for a period of 99 years from December 14, 2011, its manager K-REIT Asia Management Limited said on Monday.

Ocean Properties, in which K-REIT currently holds an 87.51 per cent stake, holds Ocean Financial Centre (OFC), a 43-storey premium Grade A office development located at the Raffles Place and Marina Bay precincts.

OFC is situated on a site with a 999-year leasehold title that commenced from June 22, 1862 and approximately 90 sq m of the basement area is situated on a site with a 99-year leasehold title that commenced from June 13, 2001.

The development has 887,423 sq ft of net lettable area and comprises an office tower with a car park and retail podium. The car park and retail podium are currently under construction and scheduled for completion in 2013.