Both Cuscaden Peak and Keppel Corp are linked to state investor Temasek, and the deal had sparked a rare bidding war between the two groups, with the former offering S$2.40 per share, or S$3.9 billion, and the latter offering S$2.351 per share or S$3.74 billion for SPH's real estate business.
Cuscaden Peak, a consortium of property tycoon Ong Beng Seng's Hotel Properties and two independently managed portfolio companies of Temasek, clinched the acquisition, SPH said in a statement.