KC Senior Living completes senior housing acquisition

Keppel Capital Senior Living (KC Senior Living), an indirect wholly owned subsidiary of Keppel Corp., has completed its 50 percent acquisition of total equity interests of senior housing firm Watermark Retirement Communities (WRC).

The sales price was $84.6 million, and the deal was announced in August 2018.

The acquisition is a strategic move by the Keppel Group to expand into the fast-growing senior living sector, leveraging WRC’s deep expertise and agile business model. As a solutions provider for sustainable urbanization, Keppel is well placed to expand its capabilities into senior living, with a view to offering customized solutions to Singapore and other markets in Asia. Keppel Capital also can raise funds and potentially serve as a capital partner for future senior living projects managed by WRC, thereby offering more options to Keppel Capital’s investors and providing another avenue to grow Keppel’s assets under management and recurring management fees.