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OUE Commercial's takeover of OUE Hospitality takes effect

The scheme of arrangement for OUE Commercial REIT's takeover of OUE Hospitality Trust took effect Sept. 4, creating one of the largest Singapore-listed diversified real estate investment trusts with total assets of approximately S$6.9 billion.

Following the merger's completion, the market capitalization of the created entity is expected to reach about S$2.9 billion, while its free float could amount to S$1.1 billion. Furthermore, the capital base and debt headroom of the newly created REIT is expected to grow to roughly S$1.0 billion, according to a news release.

OUE Hospitality's security holders will receive the payment for the transaction on Sept. 9, with the delisting of the hospitality trust's units on the Singapore Exchange Securities Trading Ltd. scheduled on Sept. 17.

As of Sept. 4, US$1 was equivalent to S$1.38.