Planned OUE REIT to include Shanghais Lippo Plaza : REUTERS 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. Lippo Plaza has been independently valued at 2.03 billion yuan ($332.81 million), according to a filing late on Wednesday by Lippo China Resources to the Hong Kong Stock Exchange. Lippo China Resources expects to gain a net profit of around HK$168.5 million ($21.73 million) from the deal, which will involve the sale of holding company Tecwell Group to a unit of OUE Commercial Trust for HK$843.5 million. OUE, which is controlled by Indonesias Riady family, raised $476 million in July through the listing of a hospitality trust in Singapore. OUE had said previously that OUE Commercial Trusts initial portfolio could include the OUE Bayfront, an 18-storey office building in Singapores central business district.
Posted on: Thu, 17 Oct 2013 05:49:53 +0000
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