Keppel REIT (K71U) said on Sep, 23 2026 that its trustee has signed a sale-and-purchase agreement to dispose of 100% of T Tower, a 28-storey Grade A office building in Seoul, for an agreed property value of 348.8 billion Korean Won, or about 320.9 million Singapore dollars.

The buyer is an unrelated South Korea-based real estate fund, which has paid a 0.9 million Singapore dollars deposit. Completion is scheduled for the fourth quarter of 2026, subject to customary conditions including the purchaser securing loan financing.

Keppel REIT expects divestment proceeds of roughly 302.5 million Singapore dollars after about 4.0 million Singapore dollars of transaction costs. The REIT plans to use the cash to repay debt, fund potential acquisitions, capital expenditure, asset enhancements, unit buy-backs and general working capital.

The agreed price is 37.2% above T Tower’s 2019 acquisition cost and 7.4% above its Aug, 31 2026 independent valuation of 298.7 million Singapore dollars. The exit net property income yield is approximately 3.9%.

Pro forma figures based on FY2025 results show the sale would trim distribution per unit from 5.23 to 5.18 Singapore cents, lift adjusted unitholder funds to 5.11 billion Singapore dollars and lower aggregate leverage from 40.0% to 38.5%.

The transaction is classified as a discloseable transaction under Singapore Exchange rules and does not require unitholder approval.