SINGAPORE — Keppel Land has acquired a 22.4 per cent stake in 112 Katong mall from BHG, Imagine Properties and Perennial Singapore Investment for S$51.4 million, Keppel Corp announced yesterday.

The remaining 77.6 per cent stake is held by Alpha Asia Macro Trends Fund, which is managed by Alpha Investment Partners, a property fund management vehicle of Keppel Land. Keppel Corp said the transaction is not expected to have any material impact on its net tangible assets or earnings per share for this financial year.

Keppel Land CEO Ang Wee Gee said the property management firm will focus on strengthening 112 Katong’s positioning as a lifestyle and dining destination in the east. He said Keppel Land Retail Management will be appointed retail manager for the mall.

Separately, Keppel Corp also announced yesterday that Keppel REIT has sold its 100 per cent stake in 77 King St in Sydney to a subsidiary of Invesco Asia Core Fund for S$160 million. The sale price is about 40 per cent above Keppel REIT’s original purchase price of A$116 million (S$114.5 million) in end 2010, and 27 per cent higher than the property’s latest valuation of A$126 million, said Keppel Corp. Channel NewsAsia