Keppel Ltd. (KPELF,BN4.SI, KPELY) on Friday said relevant authorities have granted conditional approval for a 10-year land tenure lease extension until July 15, 2050 for the Keppel Data Centre Campus at Genting Lane in Singapore.
The approval enables its joint venture to receive a final S$350 million payment as part of the divestment of two data centres to Keppel DC REIT.
The company's share of the S$350 million final payment is expected to be about S$70.9 million, based on its effective stake in the joint venture, including indirect interests through Alpha Data Centre Fund.
Following the lease extension for KDC SGP 7 and 8 and the acquisition of remaining interests in Keppel DC Singapore 3 and 4 announced earlier this month, Keppel DC REIT's assets under management are expected to rise about 8.5% to S$6.2 billion from S$5.7 billion.
Keppel is currently trading is 0.58% lesser at S$ 10.29 Stock Exchange of Singapore.
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