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OUE Commercial REIT launches rights issue to fund S$956M purchase

OUE Commercial Real Estate Investment Trust launched a rights issue of 1,288,438,981 units to partly finance a roughly S$955.9 million purchase of office components in a mixed-use development in Shenton Way, Singapore.

The offering is priced at 45.6 Singaporean cents per unit and is expected to raise net proceeds of approximately S$580.6 million.

The units will be offered at 83 rights units for every 100 units in the office REIT held by eligible unit holders as of Oct. 4.

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

As of Oct. 8, US$1 was equivalent to about S$1.39.