Keppel achieves $219m closing for Sustainable Urban Renewal Program
Keppel has closed it China-focused program part of its Sustainable Urban Renewal (SUR) strategy, having secured a global institutional investor for initial equity commitments of RMB 1.6 billion (S$300 million/$219 million) of which Keppel’s sponsor stake is RMB 160 million (S$30 million/$22 million).
The program will potentially have assets under management of approximately RMB 3.9 billion (S$728 million/$530 million) when fully leveraged and invested, and it comes with a further option for the two partners to upsize.
Keppel’s SUR strategy was launched in response to growing international demand for more environmentally efficient urban renewal solutions in gateway cities, and harnesses Keppel’s strong capabilities in strategic asset enhancement initiatives across Asia to create value for investors. The global built environment contributes to some 40 percent of the world’s carbon emissions and presents considerable opportunities for companies with strong operati