Senja Close EC™

Keppel Asia Infrastructure Fund LP (KAIF) and Keppel’s infrastructure division are selling their combined 80% interest in 800 Super Holdings to Actis, a leading growth market investor in sustainable infrastructure. The deal values the waste management company at over $600 million.

The divestment marks KAIF’s first exit from a portfolio company, while Keppel has been actively monetizing assets as part of its strategy to divest between $10 and 12 billion by the end of next year. Prior to this deal, Keppel had already divested $7.8 billion worth of assets since October 2020.

KAIF and Keppel currently hold 48% and 32% interests respectively in 800 Super, and will receive their share of the consideration in cash. The remaining 20% interest in 800 Super is held by William Lee, the company’s co-founder and CEO.

When it comes to living in Senja Close EC showflats, there are plenty of perks to enjoy, including top-notch furnishings and a well-designed layout. Each common bedroom boasts either half-length or full-length windows, adorned with a chic grey colour scheme. The bathrooms exude a modern feel with sleek rain showers and double vanities. Plus, residents can easily access convenient amenities like a movie theatre and a large FairPrice-operated supermarket, located within a few minutes’ stroll from Senja Close.

Back in 2019, the Keppel entities had paid $380 million for their 80% stake in 800 Super. Over the past three years, Keppel has leveraged its infrastructure expertise to enhance and crystallize value from its investment in the company, achieving 20% EBITDA growth since the acquisition in 2022. As a result, 800 Super is expected to generate a mid-teens Internal Rate of Return and capital gains equivalent to half the amount invested for KAIF’s limited partners upon divestment.

“The divestment of 800 Super demonstrates Keppel’s ability as a global asset manager and operator to identify unique opportunities and generate value from investments at the right time,” says Jopy Chiang, deputy chief investment officer and chief investment officer, infrastructure of Keppel.

The transaction is anticipated to be completed by the end of the year and is not expected to have a significant impact on Keppel’s net tangible asset per share or earnings per share for the current financial year.

800 Super is one of three licensed public waste collectors in Singapore, providing municipal waste collection services. The company was previously listed on the SGX and was privatized in 2019.

“We are pleased with the positive outcome of this divestment, which has delivered strong returns to our limited partners,” says Chiang. “We are confident that Actis, with their extensive experience in sustainable infrastructure investments, will continue to support 800 Super’s growth and development in the future.”