One Raffles Place boosts OUE C-Reit's Q2 DPU

REVENUE contribution from its stake in One Raffles Place gave a lift to results for office space landlord OUE Commercial Real Estate Investment Trust (OUE C-Reit) in its second quarter.

The Reit, which owns OUE Bayfront and acquired a stake in One Raffles Place in October 2015, posted distribution per unit (DPU) of 1.36 Singapore cents for the three months ended June 30, up from 1.01 Singapore cents the previous year.

Net property income rose 139.8 per cent to S$35.2 million from the previous year, the group said in a Singapore Exchange filing on Tuesday evening.

Gross revenue surged 132.2 per cent to S$45.7 million from the previous year, which the trust said was also partly due to improved contributions from OUE Bayfront and its Lippo Plaza in Shanghai. It has an effective interest of 67.95 per cent in One Raffles Place and 91.2 per cent strata ownership of Lippo Plaza.

Amount available for distribution climbed 38.6 per cent to S$17.7 million from the preceding year.

OUE C-Reit units finished half a cent higher at S$0.69 on Tuesday.