A Singapore court has approved OUE Commercial REIT's proposed takeover of OUE Hospitality Trust on Aug. 26.
The merger will take effect on Sept. 4, according to a news release. It is expected to create one of the largest real estate investment trusts in the city-state with a market capitalization of up to about S$2.9 billion and approximately S$6.8 billion of total assets under management.
OUE Commercial will issue and subsequently list up to 2,502,368,363 units as part of its payment for the transaction, which secured in-principal approval from the Singapore Exchange Securities Trading Ltd. in June and consent from a majority of the REIT's unit holders in August.
As of Aug. 26, US$1 was equivalent to S$1.39.
