KEPPEL CORPORATION L

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Keppel, Manulife Financial Units to Start Indonesia Property Venture

06/14/2020 | 08:40pm

By Ben Otto

Units of Keppel Corp. and Manulife Financial Corp. will partner with Mega Manunggal Property to launch an Indonesian logistics property venture, the companies said Monday.

Alpha Investment Partners, a private fund manager under the asset management arm of Keppel Corp., will join Asuransi Jiwa Manulife Indonesia, a subsidiary of Manulife Financial Corp., to partner with Jakarta-listed Mega Manunggal Property in the venture.

The companies have an initial target size of $200 million to jointly acquire and manage properties. The venture has received initial capital commitments of about $93 million from the partners, they said.

In its initial portfolio, the joint venture intends to acquire stakes in four logistics assets in the Greater Jakarta area from Mega Manunggal Property.

The sales of the assets to the venture were approved by shareholders of Mega Manunggal Property in December, the companies said.

 

Write to Ben Otto at ben.otto@wsj.com

 

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