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OUE Commercial REIT trustee to buy Singapore office assets for S$956M

OUE Commercial Real Estate Investment Trust's trustee agreed to purchase the office components of a mixed-use development in Shenton Way, Singapore, from OUE Ltd. subsidiary Alkas Realty Pte. Ltd. for about S$955.9 million, including transaction costs.

The office REIT's manager is planning to launch an underwritten rights issue of 1,288,438,981 new OUE units to finance the purchase.

The offering is expected to raise gross proceeds of about S$587.5 million.

The mixed-use development, called OUE Downtown, contains two high-rise towers, a retail podium and a multistory car park. The site has a total gross floor area of approximately 1.24 million square feet.

Credit Suisse (Singapore) Ltd. and Oversea-Chinese Banking Corp. Ltd. are the joint lead managers and underwriters for the proposed issue.

As of Sept. 10, US$1 was equivalent to about S$1.38.