Property group OUE will be buying the entire 33.33 per cent stake that Kuwait Investment Office is selling in OUB Centre Limited (OUBC) after other shareholders chose not to purchase the shares they were entitled to.
It will pay around S$465.42 million for the shares, which will bring its stake in OUBC up to 83.33 per cent, the mainboard-listed group said in a Singapore Exchange filing on Thursday.
OUBC is the registered owner of the One Raffles Place mixed-use development in the central business district, in which it has an 81.54 per cent beneficial interest. The remaining beneficial interest is owned by UOB.
An 83.33 per cent stake in OUBC would work out to an effective 67.95 per cent stake in One Raffles Place.