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OUE Commercial's takeover of OUE Hospitality gets unit holder approval

OUE Commercial REIT's unit holders approved the company's planned takeover of its fellow Singapore-listed real estate investment trust OUE Hospitality Trust.

During an Aug. 14 extraordinary general meeting, 95.69% of unit holders voted in favor of the proposed merger that will create one of the largest REITs in the city-state, with an expected market capitalization of about S$2.9 billion and approximately S$6.8 billion of total assets.

The takeover plan received in-principle approval from the Singapore Exchange Securities Trading Ltd. in June.

As of Aug. 14, US$1 was equivalent to S$1.39.