Alpha Asia Separate Account, the fund managed by Keppel, has acquired Wevolve for an aggregate consideration of $348 million. Wevolve holds the office and retail space of Wilkie Edge, an eight-storey mixed-use development in Selegie.
Wilkie Edge, which was completed in 2008, has a net lettable area (NLA) of 157,400 sq ft with six office floors and two retail floors. It is located at the intersection of Wilkie Road and Selegie Road in Singapore’s Selegie education district. The property is also located within walking distance to the Dhoby Ghaut and Little India MRT stations.
Wilkie Edge is fully occupied with major tenants including Kaplan Singapore and SF Consulting.
Following the acquisition, Keppel will conduct asset enhancement initiatives (AEIs) to convert, reconfigure and redeploy the property’s existing space and achieve higher rental income. So far, the fund has already secured advance leasing interest for the improved spaces.
Keppel will also use its Real Estate Division’s sustainable urban renewal (SUR) expertise to improve the asset’s operational efficiency and performance.
The Alpha Asia Separate Account fund is a $360 million separate account mandate secured by Keppel from Dutch pension fund service provider, PGGM. The fund focuses on core-plus opportunities predominantly in commercial real estate in key cities in Japan, Singapore and China.
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The acquisition was completed in December 2023 and is not expected to have a material impact on Keppel’s financial performance for the FY2023 ended Dec 31, 2023.
Shares in Keppel closed at $7.05 on Jan 5.
