Forget Password?
  1. Indices
  2. Commodities
  3. Currencies
Straits Times 3,116.17 -8.28 -0.27%
Hang Seng 26,503.93 -17.92 -0.07%
Dow Jones 26,787.36 -29.23 -0.11%
Shanghai Composite 2,991.05 -16.84 -0.56%
Planned OUE REIT To Include Shanghai’s Lippo Plaza
Perspective | 17 October 2013
By Reuters
Related stocks:

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

Join The Conversation
The Shares Investment editorial team welcomes constructive feedback on our coverage and content. We would also be delighted to answer any questions on the above article. Leave us a comment below, and we'll get back to you shortly!

All Rights Reserved. Pioneers & Leaders (Publishers) Pte Ltd. Best viewed with Mozilla Firefox 3.5 and above.