Accelerating Vision 2030 - Keppel Corporation
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A Publication of Keppel Corporation
ISSUE
03
2021
www.kepcorp.com/ekeppelite
Accelerating Interview with
Chairman
Celebrating
Singapore
Vision 2030
MCI (P)
031/01/2021 20 34 41
Contents
1 Editor’s Note GETTING TO KNOW YOU Editorial Advisor
2 Keppel Corporation Financial Results Ho Tong Yen
Financial highlights 34 Spotlight on: Mr Danny Teoh
In conversation
11 Keppel REIT Financial Results Editor
37 Building climate resilience
Sue-Ann Huang
12 Keppel DC REIT Financial Results 38 Major FPSO contract secured
14 Keppel Pacific Oak US REIT 39 Harnessing technology
Financial Results 40 Smart and sustainable showcase
Copy Editors
15 Expanding portfolio Investor outreach
Lee Wan Jun, Elizabeth Widjaja
16 Sharpening focus in line with Vision 41 Celebrating Singapore’s
2030 56th birthday
20 Accelerating Vision 2030 with strategic 42 Meeting of minds Editorial Team
acquisition of Singapore Press Ang Lai Lee, Brian Lee, Casey Chiang,
Holdings ex-Media HSE MATTERS Dorothy Lim, Frances Teh, Fiona Aw,
25 M1 launches the True 5G network Grace Chia, Guo Xiao Rong, Ianna Chia,
26 Supporting Singapore’s LNG 44 Commitment to safety Ivana Chua, Loh Jing Ting, Nikki Lam, Roy Tan,
Ecosystem Serena Toh, Tang Yi Bing, Victor Heng,
27 Model of innovation and energy 45 Leadership appointment Woon Pek Yong, Yolanda Guo
efficiency 46 NTUC May Day Awards
Email: keppelgroup@kepcorp.com
28 Keppel Land inks maiden 47 Global mindset
Website: kepcorp.com/ekeppelite
sustainability-linked loan with DBS 48 People development
New landed housing project in 49 Upskilling opportunities
linkedin.com/company/keppel
youtube.com/KeppelCorporationLtd
Ho Chi Minh City Stepping up to a healthy lifestyle
29 World Cities Summit 50 Keppel marks the start of its pledge Keppelite is a publication of Keppel
30 Keppel and Converge enter into to plant 10,000 trees Corporation, and is published quarterly
definitive agreements for Bifrost 52 Supporting digital learning by the Group Corporate Communications
Cable System 53 Doing good Division. All rights reserved. Permission from
Collaborating for a better built Tackling plastic pollution the publisher is required for reproduction by
environment 54 Supporting communities in China any means in whole or in part.
31 Liquefied hydrogen supply 56 Serving meals to the
infrastructure for Keppel’s data underprivileged
centres in Singapore
32 Building a sustainable future
Cover image: As a homegrown multi-business company, Keppel joins Singapore in commemorating
its 56th year of independence.
1 EDITOR'S NOTE
Editor’s Note
It has been a very busy first half of the More recently, on 2 August 2021, Keppel While Keppel reshapes itself for the
year for Keppel as the Group pushed announced the proposed acquisition future, it remains steadfast in its
ahead to execute Vision 2030. of SPH’s non-media portfolio, which commitment to its community and the
comprises businesses and assets that environment.
Despite the continuing challenges complement Keppel’s business in the
posed by the COVID-19 pandemic, focus areas of Asset Management, Urban During the year, Keppel donated new
Keppel turned around from a loss of Development and Connectivity. The laptops worth $160,000 to the Ministry
$537 million in 1H 2020 to a profit of accretive acquisition, which is in line with of Social and Family Development’s
$300 million in 1H 2021, with all the Group’s asset-light model, will expand Community Link initiative to support the
key business units profitable. More Keppel’s growth engines, grow Keppel home-based learning needs of students
importantly, the Group’s performance Capital’s assets under management and from lower-income families (page 52) as
did not just improve compared to improve the Group’s recurring income on well as contributed $120,000 to Willing
1H 2020, which was impacted by a pro forma basis. Given Keppel’s business Hearts, a volunteer-run soup kitchen that
COVID-19, but also improved when model and capabilities, the Company is provides meals to underprivileged and
compared to the Group’s pre-COVID uniquely placed to enhance and unlock needy communities in Singapore
performance in 1H 2019, if we exclude value from SPH’s portfolio (pages 20 to 24). (page 56). The donations are part of
revaluations, impairments and Keppel’s $4.2 million care package,
divestments as well as COVID-19 related At the same time, Keppel is continuing announced in 2020, to support
government grants (pages 2 to 10). to grow its businesses in line with Vision communities affected by COVID-19.
2030. Recent initiatives announced
In line with Keppel’s Vision 2030 plans include Keppel Infrastructure’s Front End The Group also marked the start of its
to be more focused and disciplined, Engineering Design study with Singapore pledge to plant 10,000 trees in Singapore
Keppel announced on 24 June 2021 LNG Corporation on a Natural Gas Liquids over five years with a tree-planting event
that it had signed non-binding Extraction Facility on Jurong Island (page at Labrador Nature Reserve (pages
Memoranda of Understanding (MOU) 26), M1’s launch of the True 5G network 50 and 51). The initiative supports the
for the proposed combination of (page 25), as well as exploration of new National Parks Board’s OneMillionTrees
Keppel Offshore & Marine (Keppel energy solutions, among others. movement and will help mitigate the
O&M) and Sembcorp Marine, as well effects of climate change.
as the resolution of Keppel O&M’s In this issue, Keppelite also speaks to
legacy rigs. If completed, the proposed Mr Danny Teoh, who was appointed Do enjoy this read of Keppelite on
transactions, together with Keppel’s Chairman of Keppel Corporation on Keppel’s strides towards Vision 2030
increasing focus on renewables, would 23 April 2021, to seek his views on and its efforts to make a positive impact
accelerate the Group’s pivot towards Keppel’s journey over the past decade, wherever it operates.
new energy and decarbonisation where it is today and his priorities for the
solutions (pages 16 to 19). Company going forward (pages 34 to 36). Keppelite Editor
2
Keppel Corporation Financial Results
Strong performance
Keppelite reproduces the speech by Mr Loh Chin Hua, CEO of Keppel Corporation,
at the Company’s 1H 2021 results webcast.
The operating environment remained unveiled in September 2020. About half Vision 2030 focus areas, to grow the
challenging in 1H 2021. Despite the of the transactions have been completed Group’s business and improve the quality
progressive roll-out of COVID-19 so far. We expect to surpass $3 billion in of our earnings more quickly.
vaccines around the world, the pandemic asset monetisation ahead of schedule,
continues to spread in many countries. and will aim to achieve the higher end of Financial Performance
Following the emergence of new and our $3-5 billion target by end-2023. For 1H 2021, the Group achieved net profit
more contagious strains of the virus, of $300 million, a marked improvement
many countries and cities have escalated At the same time, we are continuing from 1H 2020 and reversing last year’s
their pandemic-related restrictions and to grow our businesses in line with loss of $537 million. All key business units
border controls, thus further impacting Vision 2030. Our new initiatives include were profitable. All four segments also
supply chains and the movement of the Bifrost Cable System, Keppel saw improved performance, excluding the
people, and slowing down economic Infrastructure’s (KI) collaboration with gains from the reclassification of Keppel
recovery. StarCharge to explore opportunities in Infrastructure Trust (KIT) and sale of
electric vehicle (EV) infrastructure, M1’s Keppel DC REIT units in 1H 2020.
Against a difficult backdrop, Keppel rolling out of its 5G standalone network,
continued to push ahead to accelerate as well as exploration of new energy The Group’s operating performance has
the execution of Vision 2030. It has been solutions, among others. improved, not just compared to last year,
a very busy and active first half for the but even when compared with 1H 2019.
Group. We announced in January the Beyond organic growth, we are also Excluding revaluations, impairments and
organic transformation of Keppel Offshore actively exploring M&A opportunities, divestments (RIDs) across all three years
& Marine (Keppel O&M) to enhance its whether in renewables, urban and COVID-19-related government grants
competitiveness and relevance amidst development, asset management or other in 2020 and 2021, the Group achieved
the global energy transition, and more
recently the signing of non-binding
Memoranda of Understanding (MOU)
on the proposed combination of Keppel Net Profit
O&M and Sembcorp Marine, and (Excl. RIDsi & COVID-19-related government grants)
resolution of Keppel O&M’s legacy rigs.
We also announced plans to divest our
logistics business. We have received bids
for the logistics business, which we are
currently evaluating. I have explained the
strategic rationale for the two proposed
transactions involving Keppel O&M and
Keppel Logistics at earlier briefings, and The Group’s operating
will not repeat the arguments. performance has
improved, not just
compared to last
We continue to execute our asset year, but even when
monetisation programme. To date, we compared with 1H
2019 excluding RIDs
have announced over $2.3 billion of asset
i RID stands for revaluations, impairments and divestments. and COVID-19-related
monetisation since the programme was government grants.
3
Keppel’s management
engaging media
and the investment
community at the
Company’s 1H 2021
results webcast.
a net profit of $280 million in 1H 2021, dividend of 12.0 cents per share for an improvement from the net loss of
compared to a net loss of $72 million in 1H 2021, after ringfencing the impairments $958 million for 1H 2020. The key reason
1H 2020 and net profit of $149 million in related to KrisEnergy’s liquidation. This for the loss in this segment was the
1H 2019. With Vision 2030, we believe interim dividend, which will be paid impairments of $318 million related to
the Group can emerge post-pandemic to shareholders on 19 August 2021, is KrisEnergy’s liquidation.
stronger and on a new growth trajectory. significantly higher than last year’s interim
dividend of 3.0 cents and also higher Keppel O&M recorded a net profit of
In 1H 2021, we received cash of than the interim dividend of 8.0 cents $107 million for 1H 2021, reversing the
$854 million from our asset monetisation declared in 2019, reflecting the Board and net loss of $959 million for 1H 2020.
programme. Free cash inflow was management’s confidence in our vision This includes the recognition of gains of
$499 million in 1H 2021, compared to and strategy. $269 million from our share of Floatel’s
the outflow of $664 million in 1H 2020; restructuring gain. Despite increased
while net gearing improved to 0.85x as Multiple Income Streams manpower costs and COVID-19-related
at end-June 2021, compared to 0.91x as We remain focused on growing recurring manpower constraints at our Singapore
at end-2020, mainly due to the proceeds income. For 1H 2021, recurring income yards, Keppel O&M was EBITDA positive
from asset monetisation. contributed $152 million or 51% of in 1H 2021.
earnings, an increase from $119 million in
We recognise that dividends are important 1H 2020. When we announced the restructuring of
to our shareholders. I mentioned earlier Keppel O&M into Rig Co, Dev Co and Op
that some of the funds unlocked from I will now discuss the Group’s Co in January, we said that we expected
our asset monetisation programme performance by segments. Op Co to be self-sustaining, financially
could be returned to shareholders over independent and profitable over time.
time. In appreciation of the support and Energy & Environment I am pleased to share that Op Co1 was
confidence of our shareholders, the Board In 1H 2021, Energy & Environment profitable in 1H 2021 on the back of our
of Directors has approved an interim cash generated a net loss of $179 million, cost management efforts.
Footnote:
1. Op Co comprises Keppel O&M excluding the legacy completed and uncompleted rigs and associated receivables, as well as interests in Floatel and
Dyna-Mac.
4
Keppel O&M started its right sizing and transportation solutions with ammonia storage, distributed energy generation
overheads reduction in 2015 when we and hydrogen as marine fuels. and alternative energy value-chain.
recognised the structural downturn in
the oil market. To date, Keppel O&M has KI’s net profit of $60 million in 1H 2021 Urban Development
shaved off over $525 million per annum was stable year-on-year. Urban Development recorded a net
from its cost structure. Without these cost profit of $279 million for 1H 2021, a 30%
savings, Keppel O&M would not have KI is focused on strengthening the increase from $215 million year-on-year
been EBITDA positive. resilience of its Power & Gas business in mainly due to stronger earnings from
response to the global energy transition. Keppel Land, which remains the highest
Oil prices have risen in recent months, but In Singapore, KI will diversify its energy contributor to the Group.
this has yet to translate into a significant mix into renewable sources and zero-
improvement in the offshore rig market, carbon electricity import, and also The significant discount to Keppel
which remains oversupplied. Nevertheless, enhance the reliability and efficiency of its Land’s revalued net asset value (RNAV)
utilisation rates and day rates are slowly generation fleet. that some analysts continue to ascribe
improving, and we expect to see improved suggests that the market has yet to fully
demand in the longer term for Keppel The waste-to-energy projects in Hong appreciate the value and significance
O&M’s new generation, stranded rigs which Kong and Singapore continue to make of our 100% ownership of Keppel Land.
are completed or close to completion, as oil steady progress. While COVID-19 has Since the privatisation of Keppel Land
companies increase E&P expenditure after affected supply chains and productivity, in 2015 at a cost of $3.1 billion, Keppel
years of underinvestment. KI will continue to intensify efforts to Land has to date upstreamed $5.1 billion
execute these projects on time and safely. in dividends to Keppel Corporation,
In the meantime, Keppel O&M continues including $700 million in 1H 2021. Over
to see significant opportunities in gas The increasing global focus on this period, Keppel Land’s total assets
and renewables, in line with the energy sustainability will create new have only fallen by about $400 million,
transition. There is also continuing opportunities for KI. In July, KI, from $14.5 billion as at end-June 2015 to
demand for production assets. In the together with its partner, was selected $14.1 billion as at end-June 2021. With our
year to date, Keppel O&M has secured by Singapore LNG for a Front End ongoing asset monetisation programme,
total new orders of about $3.1 billion, Engineering Design study to co-develop a we expect to unlock even more value
including a U$2.3 billion newbuild P-78 Natural Gas Liquids Extraction Project on from Keppel Land going forward, which
FPSO project for Petrobras and an FPSO Jurong Island, Singapore. The project is we will re-invest in new opportunities that
topside fabrication project. As at end-June part of the Singapore Green Plan 2030 to can yield higher returns.
2021, Keppel O&M’s net orderbook was transform Jurong Island into a sustainable
approximately $5.7 billion, significantly energy and chemicals park, and would For 1H 2021, Keppel Land’s performance
higher than the $3.3 billion at the end of allow downstream off-takers to adopt improved 25% year-on-year to $252 million.
2020. Of the current orderbook, about cleaner feedstock for their processes. This was mainly due to higher contribution
95% of the projects are cashflow neutral from China and Vietnam property trading
or positive. About 40% of the orderbook The global waste management market is projects, and gain from divestment of the
comprises gas and renewables solutions. also expected to grow rapidly, presenting 30% stake in Dong Nai Waterfront City,
opportunities for KI’s Environment partially offset by impairment provision for
Despite the challenging environment, business to not only scale up but also Sedona Hotel Yangon.
Keppel O&M continued to execute expand into new and adjacent markets
its orderbook and delivered 3 LNG related to resource circularity. In the year to date, Keppel Land has
projects in 1H 2021. Keppel O&M is announced $420 million of asset
also progressing well on its offshore KI is also developing New Energy monetisation, including the divestment
wind projects, and is on track to deliver solutions that can contribute to different of Serenity Villas in Chengdu announced
two offshore wind farm substations to decarbonisation pathways. KI is working on 29 July 2021, which will yield gains of
Ørsted for Taiwan later this year. Keppel towards expanding its district cooling $139 million for the Group.
O&M is also accelerating the use of footprint in Singapore and the region.
cleaner fuels, and has signed MOUs with Beyond EV charging infrastructure, KI Beyond asset monetisation, Keppel Land
industry leading companies to develop is also exploring opportunities in energy also announced new partnerships to
5
develop projects in Tianjin, China and Ho Residences was sold out in the second lightening its balance sheet and growing
Chi Minh City, Vietnam. quarter. recurring income. At the same time,
Keppel Land is leveraging the diverse
Keppel Land’s home sales more than Home sales in Vietnam have been capabilities of the Keppel Group to
doubled to 2,650 homes in 1H 2021 impacted by COVID-19 related explore innovative new solutions
compared to the same period last year, lockdowns, but we have nevertheless such as climate resilient nearshore
with improved performance across all seen improved home sales year-on-year. developments, or “floating cities”, which
key markets. can address both land scarcity and
As at end-June 2021, Keppel Land’s rising sea levels in coastal cities.
In China, Keppel Land sold 1,550 homes, residential landbank stood at about
a 50% increase from 1H 2020 mainly due 46,000 homes, while its commercial Separately, SSTEC contributed a
to home sales in Shanghai and Wuxi. portfolio stands at about 1.6 million net profit of $12 million for 1H 2021,
At the recent launch of a new phase square metres of GFA, following the mainly due to sale of a commercial
of Upview (a joint venture project with divestment of Keppel Bay Tower and & residential land plot in the Tianjin
Gemdale) in Shanghai in July, all 503 75 King William Street. Eco-City in China. SSTEC will continue
launched units were sold out within a day. to drive the development of the Eco-
Looking ahead, Keppel Land will continue City, in line with our commitment to
In Singapore, The Reef at King’s Dock to evolve from a developer model into an sustainable urbanisation.
saw strong demand with 86% of the innovative real estate solutions provider. It
project sold in 1H 2021, while The Garden will focus on accelerating capital recycling, Connectivity
Connectivity’s net profit grew to
$27 million for 1H 2021, compared to
breaking even for 1H 2020.
Keppel Land’s home sales more than doubled yoy to 2,650 units in 1H 2021, bolstered by stronger
performance across all key markets. (In picture: Upview residential development, Shanghai) Keppel Data Centres generated a net
loss of $2 million, smaller than the loss
of $12 million for 1H 2020. To be clear,
data centres are an important growth
engine for the Group. Earnings from our
data centres business are reflected not
just in this segment, but include about
$15 million in earnings for 1H 2021 from
Keppel’s data centre REIT and private
funds, which are recorded under Asset
Management.
In Singapore, we have commenced
construction of the data centre
at Genting Lane. Meanwhile, the
development of our data centres in
Australia, Malaysia and Indonesia are
progressing well, despite the impact of
COVID-19.
Following our entry into the Chinese
market last year with the development of
a data centre in Huizhou, we continued
to expand our footprint with the
acquisition by Keppel Data Centre Fund
II of a site to develop a greenfield data
centre in Shanghai. When the two data
centres are service-ready in 2022, they
will add to the Group’s recurring income.
6
We are also actively exploring ways to new platform are showing early signs of funds and separate account mandates,
make our data centres greener and more improving postpaid customer average reflecting continued strong interest
sustainable. In May, Keppel Data Centres revenue per user (ARPU), while driving from investors in cashflow generating
signed an MOU with industry partners higher digital adoption. real assets, including logistics and core
to jointly explore the development of infrastructure. Keppel Capital has also
supply infrastructure to bring green liquid We have announced the completed over $2 billion in acquisitions
hydrogen into Singapore to decarbonise commencement of M1’s 5G standalone and divestments in the year-to-date.
our data centres, and potentially power network trial in July. M1 and Samsung
our floating data centre park project. also recently launched the Voice over Keppel Capital will continue to harness
In line with Keppel’s commitment to 5G New Radio service on M1’s 5G synergies of the Group in the co-
sustainability, we will continue to work standalone network. This is a first creation of quality real assets, while
towards reducing the carbon footprint of in the world and will provide higher tapping third-party funds to drive the
our data centres. quality calls and better 5G experiences Group’s growth.
for M1’s customers. Looking ahead,
Following the announcement in March M1 will continue to collaborate with Conclusion
this year of the Bifrost Cable System, we industry leaders to conduct trials of In conclusion, I would like to leave you
are close to finalising the design of the 5G use-cases that will help to advance with some key takeaways from our
cable system and expect to commence Singapore’s Smart Nation ambition. 1H 2021 results briefing. We have made
manufacturing in 2022. We continue to a good start in executing our Vision 2030
explore opportunities for M1 and Keppel Asset Management to transform the Group and put us on a
Data Centres to work with Bifrost to grow Net profit from the Asset Management new growth trajectory. The Group has
the Group’s connectivity solutions. segment was $117 million for 1H 2021, returned to profitability compared to
compared to $258 million for 1H 2020. 1H 2020, but more importantly, we have
In 1H 2021, M1’s contribution was lower 1H 2020 had benefitted from $177 million also done better than pre-COVID 1H 2019,
year-on-year at $21 million, as COVID-19 in gains from the reclassification of KIT excluding RIDs and COVID-19-related
continued to impact roaming and and sale of Keppel DC REIT units. government grants. As we execute Vision
prepaid revenue. The pandemic’s impact 2030, we believe Keppel will emerge at a
on M1 was smaller in the equivalent Keppel Capital’s net profit of $64 million new place post-pandemic, stronger, more
period last year, as the full impact of grew 23% year-on-year, mainly due to relevant, and on a faster growth path.
COVID-19 was only felt in 2Q 2020. stronger operating results as well as gains The monetisation programme has gone
1H 2020 had also benefitted from the from mark-to-market of investments. very well and we expect to hit the lower
Job Support Scheme, which was end of the $3-5 billion monetisation
reduced this year. Excluding the gains mentioned target earlier than the three years we had
previously, contributions from our listed initially envisaged. We will now aim to
Despite COVID-19, M1’s postpaid REITs and Trust were relatively stable, deliver closer to the higher end of the
customer base grew 5% year-on- while private funds’ contributions were $3-5 billion range by end-2023. The
year to over 1.6 million as at end-June higher year-on-year due to gains from significant balance sheet space released
2021, entrenching M1’s position as the disposal of investments. from the monetisation programme will
telco with the second largest postpaid allow us to undertake inorganic options to
customer base. Keppel Capital’s asset management fees re-position our portfolio for new growth.
grew 35% to $111 million for 1H 2021,
Earlier this year, we announced plans compared to the $82 million for 1H 2020. Lastly, and most critically, we will continue
to realise the value of M1’s current This was due mainly to more acquisitions to work with all our stakeholders to
network assets with a net book value and divestments completed in 1H 2021, ensure that the varied interests that the
of $580 million. This is in line with the as well as Keppel Capital’s larger assets Group serves will not only be fulfilled, but
Group’s asset-light business model under management and new funds hopefully exceeded. For our supportive
under Vision 2030, and will free up launched in 2020 and 2021. shareholders, rest assured that we will,
capital that can be used to help M1 as we have always done, look at how
invest in new capabilities and fund In the year-to-date, Keppel Capital has we can improve shareholder returns in a
other growth initiatives. Meanwhile, raised total equity of over $2 billion from sustainable way as Vision 2030 begins to
M1’s transformation and adoption of a global institutional investors across various bear fruit.
7
Keppel Corporation Financial Results
Financial highlights
Keppelite reproduces excerpts of the presentation
by Mr Chan Hon Chew, CFO of Keppel Corporation,
on the Company’s financial performance at the
1H 2021 results webcast.
1H 2021 financial highlights
$m 1H 2021 1H 2020 % Change
Revenue 3,677 3,182 16
EBITDA 385 52 >500
Operating Profit /(Loss) 188 (149) n.m.f.
Profit/(Loss) Before Tax 516 (357) n.m.f.
Net Profit/(Loss) 300 (537) n.m.f.
Earnings per Share (cents) 16.5 (29.5) n.m.f.
n.m.f. denotes No Meaningful Figure
In the first half of 2021, the Group higher dividend income, as well as lower due to lower impairments at Energy &
recorded a net profit of $300 million, as investments and capital expenditure. Environment and stronger operating
compared to net loss of $537 million in performance from Urban Development.
the same period last year. Net gearing decreased from 0.91x at the
end of 2020 to 0.85x at the end June of Profit before tax was $516 million, as
Earnings per share for the half year was 2021. This was mainly due to cash proceeds compared to loss before tax of $357 million
16.5 cents, as compared to loss per share from asset monetisation completed during for the same period in 2020, mainly due
of 29.5 cents in the same period last year. the six months, partly offset by payment of to higher investment income and share
Annualised ROE was 5.5%. the final dividend for FY 2020. of profits from associated companies, as
compared to share of loss from associated
Free cash inflow of $499 million was an The Group’s revenue of $3.7 billion for the companies in first half of 2020, partly offset
improvement over the free cash outflow first half was 16% or $495 million higher by higher net interest expense.
of $664 million in first half of 2020. This than the same period last year. Urban
was mainly due to lower working capital Development, Asset Management and After tax and non-controlling interests,
requirements, proceeds from divestments Energy & Environment recorded higher net profit was $300 million, translating to
of Keppel Bay Tower Pte Ltd, First King revenues. earnings per share of 16.5 cents.
Properties Limited, Chengdu Hilltop
Development Co Ltd and interests in Operating profit was $188 million, as Our interim cash dividend to our
Dong Nai Waterfront City as part of compared to operating loss of $149 million shareholders for this period will be
our asset monetisation programme, in the same period last year, largely 12.0 cents per share.
8
Keppel Corporation Financial Results
In conversation
Keppelite features highlights of management’s responses to questions from the
media and investment community at the Company’s 1H 2021 results webcast.
Q: Which of Keppel’s focus areas could impairments and divestments (RIDs), on time and installed in Taiwan, and we
possibly see the earliest Merger & meaning excluding impairments and the are on schedule to deliver our topside
Acquisition (M&A) activity? share of Floatel restructuring gain, is from Singapore. By working together with
$85 million. the client, we are able to mitigate certain
LCH: Renewable energy is one of the manpower restrictions. On top of that,
growth engines that we are looking to get Q: Keppel O&M’s industry peer Sembcorp we have also participated in the “bubble
a head start on. Besides normal organic Marine lists severe manpower crunch and wrapping” of the import of some foreign
greenfield building, we are also looking at risks of project delays among its woes. workers. (Note: “Bubble-wrapping” refers
numerous platforms. However, the pain appears to be less acute to a pilot programme to quarantine
for Keppel O&M. Are you able to explain workers at the source countries and in
The different segments that I have the disparity? Is that also due to Keppel Singapore before they are allowed to join
mentioned, whether it is Connectivity, O&M’s significant rightsizing? the workforce after stringent tests.)
Urban Development, or Asset
Management – those would also be areas LCH: I would tell you that the pain is Q: Could you share more details on
that we will be looking at. shared by all in the industry. I have targeted markets or geographies for
explained earlier in my speech the Keppel to grow its renewables portfolio
Q: How much would you spend in M&A in significance of the rightsizing, and how and achieve its 2030 7GW target?
the coming years for the Group? How will that has helped to keep Keppel O&M’s
the breakdown by business units be like? EBITDA positive. CO: The target of 7GW by 2030 is a
Group-wide target. We target to grow our
LCH: We know that we want to grow, CO: We cannot comment on our peer as renewable energy assets, both organically
and we want to pivot into some of the we do not know the details. As for the and inorganically, so that we can grow
growth engines, so M&A will become manpower crunch and project delays our portfolio and generate recurring
quite important to the Group. But we do due to COVID-19-related reasons, this is income. Keppel Renewable Energy (KRE),
not really have a budget. I think it is a bit commonly felt throughout the industry. together with the rest of the Group, looks
risky to have budgets because it might The way that we have approached it is at offshore wind, solar and also some
encourage our business units to be less this: the streamlining of our operations specific run-of-river hydro space in the
disciplined. It is more important that we and our rightsizing started since 2015. Asia-Pacific region. We are focused on
have an idea that M&A is one possibility, Since 2015 till now, we have shaved off markets in Australia, India, Philippines,
alongside our organic growth. It is quite $525 million of overhead costs. With the Korea, Malaysia and Vietnam. We have
opportunistic. COVID-19 restrictions, we do have the new solar and wind projects that have
same manpower restrictions, but we been added to the pursuit pipeline, all of
Q: Excluding the share of Floatel’s manage it with our clients very closely, which are targeted to achieve commercial
restructuring gain, what would have been to make sure that we prioritise the right operations by end-2025.
Keppel Offshore & Marine’s (Keppel O&M) work with the right skillsets.
loss? Are there other items that should LCH: To supplement that, besides looking
be excluded to get a better sense of yard Take for example our client Ørsted. at greenfield development, the Group
operating performance? We worked with them on the delivery is also looking at acquiring platforms,
schedule. With the limited manpower, i.e. inorganic options. Some of these
CHC: Keppel O&M’s net loss after what we did was to subcontract the platforms could be in Europe and the
excluding all the revaluations, jacket out to Korea, and it was completed US. We are looking at all the options.9
upstream to downstream resource
management. For our New Energy
business, we see very promising
tailwinds, particularly in the demand for
energy efficiency in district cooling, as
well as distributed energy generation,
energy storage, and alternative clean
energy like the hydrogen value chain,
and potentially carbon capture,
utilisation and storage.
Q: Which property segment and
country does Keppel Land see the
best risk-reward when deploying
its capital going forward? Would it
be the Singapore, Vietnam or China
residential market? Or are commercial
developments more lucrative?
LL: There is no one silver bullet. At
Keppel Land, our key markets are
Keppel Infrastructure is actively pursuing opportunities spanning EV charging, renewables, environmental
sustainability, district cooling and other decarbonisation solutions. in Singapore, Vietnam and China;
but we are also very much looking
forward to scale our businesses in
This is a Group-wide effort, comprising Q: What are some of the short and India and Indonesia going forward.
KRE, Keppel Infrastructure (KI), as well as medium-term financial and non-financial The market situation is very different
Keppel Capital. targets set for the team at KI? market-by-market. For example, in
China and Vietnam we continue to
Q: Could you talk about the electric LCH: There are both financial and see opportunities across residential,
vehicle (EV) opportunities you are non-financial targets that the KI team commercial, as well as in spaces like
exploring? is working towards. We do not disclose retail. In Indonesia on the other hand,
financial targets. high-rise residential and commercial
CL: One of the very important markets are more challenging, and
aspects of decarbonisation is end- CL: At KI, we are now organised into three so we are more focused on landed
use electrification. KI has been in the key lines of businesses – Power & Gas, residential projects in those markets.
electrification business for nearly two Environment, as well as New Energy. For
decades. We saw good opportunity Power & Gas, the business will focus on We do not have a one-size-fits-all
in the EV evolution, and we seek to building up the resilience of, as well as answer to how we approach the
participate in building up a meaningful defending, the market share that we have markets. We really look at each market
EV business from end-to-end within built up over the years. We will continue – what would be attractive for us to
Singapore, as well as the Asia Pacific. to diversify our energy sources, besides enter into at that point in time, and we
We will provide updates as and when we clean gas to renewables, as shared by take a longer term view of when the
have new and significant developments. our Group CEO earlier, including clean right time would be to enter which
and low carbon energy importation. For specific segments of that market.
LCH: The Group has also taken a small the Environment business, we have a
investment in an EV battery company a very strong and healthy orderbook. We LCH: The question raised is quite
couple of years ago, and we are looking are witnessing a pretty healthy level of appropriate, in the sense that we do
to see whether this can potentially be enquiries, so we will focus on scaling up look at risk-reward and risk-adjusted
developed for use for not just EVs, but our environmental business, particularly return – this is how we measure and
also potentially for energy storage which in leveraging our proprietary technology look at opportunities across different
is quite relevant to various things that the in waste-to-energy, as well as our ability markets and segments, and this is how
Group is looking at, including renewables. to integrate waste management from we compare them.10
Q: Any updates on the floating data whole transformation programme is to 50-50 kind of mix between the two things.
centre project? When does Keppel expect deliver higher profitability over a period We will also grow our AUM.
to commercialise it? of time.
Q: With more asset recycling ahead, can
TP: The floating data centre is one of our Q: Is there any central theme and strategy 1H 2021’s dividend per share be used as a
many projects to help reduce energy adopted by Keppel Capital Alternative benchmark for 2H 2021 or is it a one-off
consumption and decarbonise the data Asset or is it more opportunistic in nature? generosity?
centre business. We have spent a lot of Any ability to scale moving forward?
time on technology and on-site selection, LCH: I am glad that you find the interim
and we are aiming to have the first project CT: We focus on what Keppel’s dividend attractive. Of course, we will have
target for final investment decision (FID) capabilities are. Keppel is quite focused to look at the full year results. As you know,
sometime towards the end of this year. on infrastructure and renewables. we do not have a dividend policy, but we
In addition to that, one of our investment Renewables is an asset class under have typically been paying around 40 to
companies in the US, Nautilus Data alternative assets. We are looking to 50/60% of net profits. Of course, with the
Technologies, has already launched its grow to, and have set the target of, 7GW monetisation programme, we can afford
first project in California, and is now (of renewable energy assets). This is to be a little bit more open-minded in
welcoming its first clients onto its floating something that we can scale in terms of terms of returning capital to shareholders
data barge. opportunities. We are looking to acquire to reward them for their patience and for
more in terms of platforms, rather than investing in Keppel Corporation.
Q: On M1, would you be able to disclose just building organically. In many ways,
the 1H 2021 postpaid and prepaid average with Keppel’s asset monetisation, LCH – Mr Loh Chin Hua,
revenue per user (ARPU)? How does re-investments into some of these asset CEO of Keppel Corporation
this compare to last year? Can you also classes will be important for Keppel
please talk about the strategies to further Capital. That will help us grow our fee CHC – Mr Chan Hon Chew,
improve M1’s profitability? income as well as our assets under CFO of Keppel Corporation
management (AUM).
MSM: As roaming revenues are much lower CT – Ms Christina Tan,
than last year, there has been an impact Q: What would be the medium-term AUM CEO of Keppel Capital
on ARPUs. However, without roaming, our mix between Keppel Capital’s private
ARPUs are quite stable this year over last funds and listed REITs? CO – Mr Chris Ong,
year. In fact, for the prepaid business, our CEO of Keppel Offshore & Marine
ARPUs have actually become better than CT: We do not really plan in terms of
last year because of the kinds of products the asset mix between private funds LL – Mr Louis Lim,
that we have been launching in the market. and listed REITs because it all depends CEO of Keppel Land
on where investors’ interests lie. We
To improve profitability, one of the are actually in a fortunate position in CL – Ms Cindy Lim,
areas that we are working very that both investors in the private funds CEO of Keppel Infrastructure
strongly towards is the digitalisation as well as listed REITs have been very
of our operations, which is primarily to supportive of Keppel Capital’s business TP – Mr Thomas Pang,
reduce our costs to serve over a period and new products. Ultimately, we like the CEO of Keppel Telecommunications
of time, and therefore improve our evergreen fees that we are getting from & Transportation
customer lifetime value, which is driven the listed REITs, but in terms of private
through lower cost to serve and higher funds, we like the carried interest that we MSM – Mr Manjot Singh Mann,
profitability in time to come. So, the earn as well. So maybe it’s more of a CEO of M111
Keppel REIT Financial Results
Continuing portfolio optimisation
Keppel REIT has achieved distributable Keppel Bay Tower. Weighted average term value from Keppel REIT’s first Australian
income of $105.7 million1 for 1H 2021, an to maturity of borrowings as at 30 June asset that was acquired in 2010, providing
increase of 11.5% year-on-year from 1H 2020. 2021 was 3.1 years and 68% of Keppel greater financial flexibility as the Manager
REIT’s total borrowings are at fixed rates. seeks strategic and higher-yielding
The year-on-year improvement in growth opportunities.
distributable income was due mainly to To enhance Keppel REIT’s income
contributions from Victoria Police Centre in resilience and deliver sustainable total As at 30 June 2021, Keppel REIT’s
Melbourne, Pinnacle Office Park in Sydney return to Unitholders, the Manager portfolio committed occupancy was
and Keppel Bay Tower in Singapore, continued to execute its portfolio 96.7%, while portfolio and top 10 tenants’
as well as higher one-off income. The optimisation strategy in 1H 2021. WALE remained long at approximately
increase was partially offset by the impact 6.2 years and 11.2 years respectively.
of lower portfolio occupancy. On 18 May 2021, the acquisition of
Keppel Bay Tower in Singapore was Additional tenant relief measures granted
Distribution per unit (DPU) for 1H 2021 completed, adding a Grade A waterfront in 1H 2021 amounted to approximately
registered a 5.0% year-on-year increase office building located at HarbourFront $1.6 million. Rental collection remained
to 2.94 cents, comprising 2.00 cents2 to Keppel REIT’s portfolio. In addition healthy at 99% for 1H 2021, while total
which will be paid on 27 August 2021 and to complementing Keppel REIT’s core outstanding rent deferrals were reduced
advanced DPU3 of 0.94 cents that was CBD offering, Keppel Bay Tower, which is to $0.5 million as tenants progressively
paid on 31 March 2021 in connection with fully powered by renewable energy, also repay their deferred rents.
the private placement. DPU for 1H 2021 augments Keppel REIT’s green footprint
translated to an annualised distribution as it is Singapore’s first Zero Energy5 Looking ahead, as the global community
yield of 5.0% based on the market closing commercial building. progressively recovers from the COVID-19
price of $1.18 per unit as at 30 June 2021. pandemic, the Manager remains focused
On 30 June 2021, a contract of sale was on ensuring stable and sustainable
As at 30 June 2021, Keppel REIT’s all-in entered into for the divestment of Keppel distributions to Unitholders, as well as
interest rate was reduced to 1.97% per REIT’s 50% interest in 275 George Street achieving long-term growth. The Manager
annum compared to 2.48% per annum in Brisbane. The adjusted consideration will continue its portfolio optimisation
a year ago. Aggregate leverage remained of A$264.0 million6 is 7.8% above the last strategy and proactive tenant engagement
healthy at 38.9%4 after loans were valuation7 and 59.0% above the original to build a robust portfolio that meets
drawn to partially fund the acquisition of purchase price. The divestment unlocks diverse tenant needs.
Footnotes:
1. Includes advanced distribution of $32.2 million for the period from 1 January 2021 to 28 February 2021 that was paid to eligible Unitholders on 31 March 2021,
in connection with the private placement launched on 18 February 2021.
2. For the period from 1 March 2021 to 30 June 2021.
3. For the period from 1 January 2021 to 28 February 2021, in connection with the private placement that was launched on 18 February 2021.
4. A contract of sale was entered into on 30 June 2021 for the divestment of 275 George Street which was completed on 30 July 2021. Assuming the entire
amount of adjusted consideration is used to repay debt and related transaction costs before 30 June 2021, Keppel REIT’s aggregate leverage would be lowered
to 37.4%.
5. Certified by the Building and Construction Authority as a Green Mark Platinum (Zero Energy) building.
6. Aggregate sale consideration of A$275.0 million net of A$11.0 million of outstanding incentives, capital expenditures and related costs, before transaction costs.
7. Valuation by CBRE Valuations Pty Limited as at 31 December 2020.12
Keppel DC REIT Financial Results
Resilient performance
Keppel DC REIT distributable income for Manager has received commitments to This investment is in line with Keppel DC
1H 2021 was $84.3 million, 12.4% higher refinance loans due in 4Q 2021. REIT’s drive to support the global digital
compared to 1H 2020. The growth in economy, and will provide long-term
distributable income was due mainly As at 30 June 2021, Keppel DC REIT’s income to Unitholders for 15 years.
to contributions from the accretive average cost of debt remained competitive
acquisitions1 of Amsterdam Data Centre at 1.5% per annum and interest coverage The Manager is also pleased to announce
and Kelsterbach Data Centre in Frankfurt, ratio was at a healthy level of 12.9 times. the completion of Intellicentre 3 East
as well as the completion of the asset Aggregate leverage was 36.7%, providing Data Centre (IC3 East DC) for a total
enhancement initiative works at Keppel Keppel DC REIT with a comfortable debt development cost of A$26.0 million
DC Singapore 5 and Keppel DC Dublin 1 headroom to pursue growth. (approximately $26.6 million5). Located
in 2H 2020, and Keppel DC Dublin 2 and within the same site in Macquarie Park,
DC 1 in 1Q 2021. Portfolio Updates IC3 East DC and Intellicentre 2 Data Centre
The Manager’s continued proactive will collectively be renamed Intellicentre
Keppel DC REIT has declared a DPU of leasing efforts resulted in new, renewal Campus. The completion of IC3 East DC
4.924 cents for 1H 2021, 12.5% above and expansion leases secured with clients will also see the commencement of a
1H 2020’s 4.375 cents. at Keppel DC REIT’s Singapore and new 20-year triple net master lease with
Dublin data centres, including some leases Macquarie Data Centres for both data
In keeping with its prudent capital which were renewed ahead of expiry. This centres at Intellicentre Campus, which will
management approach, and to mitigate brought portfolio occupancy to 98.0%2 as further strengthen stable distributions to
Keppel DC REIT’s exposure to interest at 30 June 2021, with a long WALE of 6.5 Unitholders.
rate fluctuations, the Manager has years6,3.
hedged 67% of its borrowings as at In July 2021, Keppel DC REIT
30 June 2021 through floating-to-fixed As part of the Manager’s ongoing value announced that it is tapping onto
interest rate swaps, with the remaining creation strategy, Keppel DC REIT China’s growing digital economy with
unhedged borrowings denominated announced in April 2021 its expanded the acquisition of its first data centre
in Euro. Forecasted foreign sourced investment mandate, and the proposed in Jiangmen, Guangdong Province,
distributions have also been substantially investment4 in a special purpose vehicle, for RMB 635.9 million (approximately
hedged till 2H 2022 with foreign currency which will own M1’s current mobile, fixed $132.0 million6), which represents a
forward contracts, mitigating the impact and fibre assets, through a combination 7.8% discount to the independent market
of currency fluctuations. In addition, the of debt securities and preference shares. valuation7. Guangdong is one of the
Footnotes:
1. The acquisitions of Kelsterbach Data Centre and Amsterdam Data Centre were completed in May 2020 and December 2020 respectively.
2. Post-acquisition of Guangdong Data Centre and assuming the acquisition was completed on 30 June 2021, portfolio occupancy would be 98.2%. WALE would
be 7.3 years by leased area and 5.3 years by rental income.
3. By leased area, and 4.9 years by rental income as a higher proportion of rental income is from colocation assets, which typically have shorter lease periods.
4. The proposed transaction is subject to among others, satisfactory due diligence, negotiation and execution of definitive agreements, relevant regulatory
approvals and Unitholders’ approval.
5. Based on the exchange rate of A$1:$1.0231, as at 30 Jun 2021.
6. Based on an exchange rate of RMB 1.00:$0.2076 as at 30 Jun 2021.
7. Based on the valuation by Savills Valuation and Professional Services (S) Pte Ltd, an independent valuation firm appointed by the trustee of Keppel DC REIT,
the market value of the property was RMB 690.0 million (approximately $143.2 million) as at 1 July 2021.
8. Guangdong Takes the Lead in 5G, Digital Power Grid Development: http://en.sasac.gov.cn/2021/01/27/c_6528.htm
9. With the exception of applicable real estate tax where the lessee shall bear up to a certain threshold.
10. Through its wholly-owned subsidiary, KDCR 1 Limited. The option to iseek will commence on 1 August 2021 and expire on 31 July 2026. Keppel DC REIT will
make the necessary announcements if and when the option is exercised and the divestment takes place.13
Keppel DC REIT has
announced that it has
acquired its first data
centre in China.
top data centre locations in China, with 21.5% above the historical cost of the asset In April 2021, the Manager announced
the highest rate of internet and mobile at IPO. The option was a key term that was the expansion of Keppel DC REIT’s
phone usage in Asia Pacific8. The facility, negotiated together with iseek’s long lease investment mandate to include real
Guangdong Data Centre, is the first of six renewal, and is in line with Keppel DC estate and assets that support the digital
data centre buildings to be completed in REIT’s strategy to continually review and economy. The expanded mandate will
the Bluesea Intelligence Valley Mega Data selectively consider divestments to ensure provide greater flexibility in evaluating
Centre Campus. an optimal portfolio mix. and considering a wider range of
opportunities, and for Keppel DC REIT
It is a seven-storey fully-fitted data Meanwhile, Keppel DC REIT has been to continue to invest in assets with
centre facility with a gross floor area of granted a 30-year extension of the stable cash flows, attractive yields and
approximately 20,595 sqm (221,689 sq ft), leasehold land tenure for Keppel DC accretive returns. Notwithstanding the
and will be fully leased back to vendor Singapore 2 with effect from 1 August 2021. expanded mandate, Keppel DC REIT
on a triple net basis9 for 15 years. As part will maintain at least 90% of its assets in
of the agreement, Keppel DC REIT will Looking Ahead data centres.
have the right of first refusal to acquire The rapid adoption of technology will
the remaining five data centres to be continue to boost the digital economy, Looking ahead, the Manager will continue
developed within the campus. enhance global connectivity and strengthen to build on its value creation strategy. It will
the data centre landscape. The COVID-19 continue to pursue third party acquisition
In Brisbane, Keppel DC REIT has pandemic has reinforced the resiliency of opportunities, as well as leverage Keppel
granted iseek Pty Ltd (iseek) the option the data centre sector, which is underpinned Group’s innovation and capabilities in the
to purchase its 100% interest in the by strong digital trends including smart design, development and management
iseek Data Centre for A$34.5 million technology implementation, big-data of data centres, to drive further growth for
(approximately $35.3 million10), which is analytics and the increasing use of 5G. Keppel DC REIT.14
Approximately 36%
of KORE’s tenants
operate in the key
growth sectors of
technology, as well
as medical and
healthcare – two of
the fastest growing
industries in the US.
Pictured is Bellevue
Technology Center,
which is located in
the technology hub
of Seattle – Bellevue/
Redmond.
Keppel Pacific Oak US REIT Financial Results
Stable growth
Keppel Pacific Oak US REIT (KORE) has KORE continued to achieve positive the US, broad concerns remain over the
achieved distributable income (DI) of rental reversion of 5.4% in 1H 2021, pace of inflation fuelled by the fiscal and
US$15.0 million for 2Q 2021, bringing DI driven mainly by the technology hubs monetary policy.
for 1H 2021 to US$29.9 million, 2.1% and of Seattle – Bellevue/Redmond and
2.8% above that of 2Q 2020 and 1H 2020 Austin. At the same time, average rental Notwithstanding that, with continued
respectively. collections for 1H 2021 remained strong progress in the pace of vaccinations
at approximately 98%. The weighted across the US, the Manager remains
The improved financial performance for average lease expiry by CRI for KORE’s confident of the long-term prospects of
1H 2021 was driven by several factors, portfolio was 3.5 years. its key growth markets. The Manager
including positive rental reversions and is proactively seeking expansion
built-in annual rental escalations across As at 30 June 2021, KORE’s all-in average opportunities to expand and solidify its
the portfolio, as well as lower expenses, cost of debt was 2.82% per annum. presence in Super Sun Belt and 18-Hour
partially offset by lower year-on-year Aggregate leverage was 37.1% and Cities of the US that are characterised by
occupancy. Distribution per Unit (DPU) weighted average term to maturity of factors including low or no taxes, as well
for 1H 2021 was 3.16 US cents, 1.9% above KORE’s debt was 2.5 years. as economic and employment growth
1H 2020’s DPU of 3.10 US cents. that are above the national average.
In 1Q 2021, the US economy grew
In 1H 2021, KORE committed 6.4% quarter-on-quarter, reflecting Looking ahead, KORE’s average in-place
approximately 302,000 sf of office space. the continued economic recovery, rents which are approximately 8% below
Most of the leasing activity occurred in the reopening of establishments, and asking rents will provide an avenue
technology hubs of Seattle – Bellevue/ continued positive government of organic growth for the REIT. The
Redmond and Denver. This brought response related to the COVID-19 Manager’s continued prudent approach
KORE’s portfolio committed occupancy pandemic. While government aid and towards capital management and its
to 90.5% as at 30 June 2021, with 7.7% stimulus has helped boost consumer proactive leasing efforts will also see
of leases by cash rental income (CRI) spending and mitigate the economic KORE capture rental escalations and
expiring for the remainder of the year. impact of the COVID-19 pandemic in positive rental reversions as leases expire.15
Expanding portfolio
Keppel Pacific Oak US REIT Management, Mr David Snyder, CEO and CIO of support KORE’s growth and strengthen
as Manager of Keppel Pacific Oak US the Manager, said, “KORE’s focus of distributions to Unitholders.”
REIT (KORE), announced on 28 July 2021 investing in key growth markets driven
the proposed acquisitions of two office by technology and innovation has been The proposed acquisitions are expected
buildings in the US – Bridge Crossing in a cornerstone of our strategy since our to be completed in 3Q 2021. The
Nashville, Tennessee, and 105 Edgeview listing. Nashville and Denver are key Manager intends to finance the proposed
in Denver, Colorado. The estimated growth markets with positive economic acquisitions with proceeds from a private
aggregate purchase consideration for the and office fundamentals, as well as placement to institutional and other
proposed acquisitions is US$105.1 million, significant tech investments. investors of new Units in KORE, which
comprising US$46.0 million for Bridge Top companies from different sectors is expected to raise gross proceeds of
Crossing and US$59.1 million for 105 have set up their headquarters or approximately US$65.0 million, and debt
Edgeview. regional offices in these growth financing.
markets, especially tech companies
Nashville and Denver are two of the six new in recent years, drawn by factors The private placement was over two
favourite ‘boomtowns’ for young talents including the availability of a young times subscribed with strong demand
in the US in a trend that researchers are and highly-educated workforce, a from new and existing Unitholders
calling ‘the Great American Move’. Known business-friendly environment, as well comprising institutional investors
also as 18-hour cities, Nashville and Denver as proximity to various retail, dining and and accredited investors. A total of
are highly coveted destinations due to lifestyle amenities. 88,676,000 new Units will be issued at
their lifestyle, culture and employment an issue price of US$0.733 per new Unit,
opportunities. As at 30 June 2021, Bridge “The strategic addition of two quality which represents a discount of 7.9% to
Crossing and 105 Edgeview are 100% assets in some of the strongest markets the volume weighted average price of
leased to tenants mainly in the fast-growing in the US reinforces our approach and US$0.7959 per Unit based on trades
and defensive technology sector. drive to pursue long-term value that will done on 27 July 2021.
1. Bridge Crossing is a newly refurbished freehold three-storey office building located in the Brentwood submarket in Nashville.
2. 105 Edgeview is a freehold asset and is one of the newest, highest quality office buildings in the Broomfield submarket in Northwest Denver.
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