OUE Commercial Reit (OUE C-Reit) said it is acquiring an effective stake of 61.16-67.95 per cent in One Raffles Place for S$1 billion-S$1.1 billion from its sponsor OUE Limited.
This will be done through an indirect acquisition of a 75 to 83.33 per cent interest in OUB Centre Limited (OUBC), the registered owner of the property that owns 81.5 per cent beneficial interest in the property.
When the acquisition is completed, OUE C-Reit's portfolio will exceed S$3 billion.
The sale and purchase agreement was entered between the Reit's trustee and the sponsor. Under the agreement, OUE C-Reit will acquire the entire issued share capital of Beacon Property Holdings Pte Ltd, a wholly owned unit of OUE that holds shares in OUBC.