Billion $ tag for OUE Bayfront

PROPERTY group OUE Ltd is looking to sell its office and retail development OUE Bayfront for at least $1 billion, to the commercial real estate investment trust that it is looking to list on the Singapore Exchange.

The sale consideration may comprise $696.9 million in cash, and units in OUE Commercial Real Estate Investment Trust (OUE C-Reit) that will amount to $308.1 million. This is assuming that OUE Bayfront is sold for the minimum price, OUE said in a circular to shareholders yesterday.

OUE Bayfront is one of two assets that will form the initial portfolio of OUE C-Reit. OUE had previously also said that it will inject the 50-year leasehold Lippo Plaza, which is located in Shanghai, into the Reit.