Keppel Data Center REIT: Keppel Corporation wants to acquire Singapore Press Holdings' real estate assets for $1.6 billion

Aug 04, 2021 | Posted by Abdul-Rahman Oladimeji

Keppel Corporation has offered to acquire the non-media part of Singapore Press Holdings (SPH) for S$2.2 billion (USD 1.6 billion). This includes Keppel and SPH's jointly-owned data center and telco assets. The other parts of the business it wants to acquire include shopping malls, nursing homes, residencies, and student accommodations in Singapore, Australia, and Japan.

Upon completion of the acquisition, Keppel will merge its existing ownership of its M1 telco and the Genting Lane data center, which it jointly owns with SPH. The deal is expected to close in December 2021, subject to approval.

CEO of Singapore Press Holdings, Ng Yat Chung, said the deal's outcome is an effect of a strategic review process that went on for many months. He added that the Company took the first step through restructuring to ensure that the media business has a sustainable future. The CEO of Keppel, Loh Chin Hua, also noted that SPH and Keppel already have a great relationship, and the acquisition will allow better synergy between the companies.