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Planned OUE REIT To Include Shanghai’s Lippo Plaza
Perspective | 17 October 2013
By Reuters
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OUE Commercial Trust, a property trust controlled by Singapore-listed developer and hotelier OUE, will buy an office and shopping complex in Shanghai ahead of a listing that is likely to take place early next year, according to regulatory filings.

OUE Commercial Trust will acquire the 38-storey Lippo Plaza along Huaihai Middle Road, an upmarket shopping district, from Hong Kong-listed Lippo China Resources, whose chairman Stephen Riady is also the boss of OUE.

Lippo Plaza has been independently valued at Rmb2.03 billion (US$332.81 million), according to a filing late on by 16 October 2013 Lippo China Resources to the Hong Kong Stock Exchange.

Lippo China Resources expects to gain a net profit of around HK$168.5 million (US$21.73 million) from the deal, which will involve the sale of holding company Tecwell Group to a unit of OUE Commercial Trust for HK$843.5 million.

OUE, which is controlled by Indonesia’s Riady family, raised US$476 million in July through the listing of a hospitality trust in Singapore.

OUE had said previously that OUE Commercial Trust’s initial portfolio could include the OUE Bayfront, an 18-storey office building in Singapore’s central business district.

OUE  1.460 +0.020 +1.39%   
Business: An integrated property developer with real estate portfolio located in prime locations in the US & Asia. [FY18 Turnover] Inv ppties (43.7%), hospitality (37.7%), development ppties (10.5%), healthcare (4.6%), fund management & others (3.5%).

Insight: May-19, 1Q19 revenue rose 1.2% due to higher contr... Read More


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