The company added that the acquisition is a"strategic move by the Keppel Group to expand into the fast-growing senior-living sector".
"Keppel is well placed to expand its capabilities into senior living, with a view to offering customised solutions to Singapore and other markets in Asia. Keppel Capital can also 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," the group added.
In connection with the acquisition, WRC has been converted into a Delaware limited liability company named Watermark Retirement Communities, LLC.
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