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OUE to sell Singapore property, business for S$289M

Singapore-based OUE Ltd. agreed to sell the 99-year leasehold interest in the 268-room hotel and serviced residence component of its OUE Downtown development in the city-state to DHI Holding (S) Pte. Ltd. for nearly S$287.1 million.

The property company, which is selling the stake through its Alkas Realty Pte. Ltd. subsidiary, is also selling the OUE Downtown Pte. Ltd. business along with its assets to the same buyer for an additional S$1.9 million.

Completion of the property transaction is subject to conditions, including the approval of Singapore's President, while the S$1.9 million sale of the business is subject to the completion of the property transaction.

In a separate news release, OUE Commercial REIT said it turned down the opportunity to buy the properties and the OUE Downtown business because it will not be accretive to its distribution per unit.

As of Sept. 18, US$1 was equivalent to S$1.37.