OUE this week completed the sale of the landmark US Bank Tower in Los Angeles for US$430 million, or at two-thirds of its US$650 million valuation as at Dec 31, 2019.
Among other things, the disposal will allow the group to substantially boost its cash reserves and improve its net gearing ratio by paring down existing debts. What else could be on the cards for OUE?
Talk on the grapevine is that asset sales action may come from the group's sponsored real estate investment trust OUE Commercial Reit - in which OUE Group has a 47.8 per cent stake (as at June 30, 2020).
The Riady family behind OUE, it seems, is open to receiving offers for just about any of the Reit's assets - especially OUE Downtown...