Keppel Reit is acquiring a 99.38 per cent stake in T Tower, a freehold Grade A office building located in Seoul's central business district, for some 252.6 billion won (S$300 million), its manager Keppel Reit Management announced yesterday.
The remaining 0.62 per cent stake will be bought over by a unit of Keppel Corp's subsidiary, Keppel Capital Investment Holdings.
Keppel Reit's subsidiary, Keppel Reit (Korea), has entered into an agreement with a fund managed by PGIM Real Estate to acquire the majority stake in the holding company of the 28-storey T Tower office building.
The manager noted that the distribution per unit-accretive acquisition, with a net property income yield of 4.7 per cent, is part of the real estate investment trust's ongoing portfolio optimisation efforts to improve its portfolio yield.
The deal, which is expected to be completed in the second quarter of this year, will be funded by debt, including proceeds from an issue of 1.9 per cent convertible bonds announced on April 10. The long-stop date for completion of the acquisition is June 14.
United Overseas Bank (UOB) and KrisFlyer have tied up to target frequent travellers with a new credit card that rewards users with air miles for their savings and spending.
The KrisFlyer UOB credit card is available to anyone who earns at least $30,000 a year. Cardholders will earn three KrisFlyer miles for every dollar spent. There is no cap on miles earned, according to Singapore-based travel site MileLion.
Cardholders can also open a KrisFlyer UOB savings account, which will allow them to earn up to five KrisFlyer miles for every dollar saved with a minimum monthly average balance of $1,000, up to their spending cap. However, the bonus miles are capped at 5 per cent of the monthly average balance.
If they credit their monthly salary to the account, the earned rate increases to six miles per dollar spent, up to their spending cap.
So, a customer with $15,000 of savings who credits his monthly salary in the savings account and spends $1,200 a month over 16 months would earn as much as 60,000 miles - enough to redeem flights on Singapore Airlines or SilkAir to Hong Kong, Taiwan or China.