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OUE trust to buy Shanghai building

Office/retail complex valued at 2b yuan to be acquired from Lippo China Resources

Published Thu, Oct 17, 2013 · 10:00 PM
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[SINGAPORE] OUE Commercial Trust, a property trust controlled by Singapore-listed developer and hotelier OUE Ltd, 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 Ltd, whose chairman Stephen Riady is also the boss of OUE.

Lippo Plaza has been independently valued at 2.03 billion yuan (S$413 million), according to a filing late on Wednesday by Lippo China Resources to the Hong Kong Stock Exchange.

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