Alpha Asia Separate Account, the fund managed by Keppel, has acquired Wevolve, a Singapore-based office and retail space owner for USD 262 million.

Keppel has secured a separate account mandate of SGD360 million (USD 270 million) from PGGM, a cooperative Dutch pension fund service provider, for the Fund. This Fund primarily targets core-plus opportunities in commercial real estate across key cities in Japan, Singapore, and China. The acquisition of this strategically positioned and well-constructed property allows Keppel to capitalize on Keppel's robust asset management and Sustainable Urban Renewal (SUR) expertise, ensuring the asset is future-proofed through our high-quality and innovative space solutions.

Constructed in 2008, Wilkie Edge currently boasts a total Net Lettable Area (NLA) of approximately 157,400 square feet, encompassing six office floors and two retail floors. Situated at the intersection of Wilkie Road and Selegie Road in Singapore's Selegie Education District, the property is fully occupied, with major tenants including Kaplan Singapore and SF Consulting. Furthermore, Keppel intends to leverage its Real Estate Division's SUR expertise to enhance the asset's operational efficiency and overall performance. Keppel's SUR strategy aligns with the growing international demand for environmentally efficient urban renewal solutions in gateway cities. It harnesses Keppel's strong capabilities in strategic asset enhancement initiatives across Asia, aiming to create significant value for investors.