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OUE to sell LA property US Bank Tower

PROPERTY firm OUE Ltd on Friday said that it is looking to sell its US Bank Tower located in downtown Los Angeles, US. It has began marketing, mainly in the US, for the proposed sale of the property - which it acquired for US$367.5 million in 2013.

A US report from commercial real estate publication Real Estate Finance & Investment said that the asking price is some US$500 per square foot, or about US$700 million.

US Bank Tower underwent a series of "asset enhancement works", including the launch of OUE Skyspace LA, which provides an open-air observation deck. The group acquired the building in 2013 from Library Square Associates, a subsidiary of American real estate investment trust MPG Office Trust.

Shares of OUE closed on Friday at S$1.47, up one Singapore cent.