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OUE Commercial plans redemption of S$100M convertible units

OUE Commercial REIT manager OUE Commercial REIT Management Pte. Ltd. will redeem 100 million convertible perpetual preferred units of OUE Commercial REIT.

The units will be redeemed Jan. 2, 2018, in cash at the issue price of S$1 for each unit for a total amount of S$100.0 million. The units were issued to OUE Ltd. subsidiary Clifford Development Pte. Ltd. as partial payment for the company's acquisition of an 83.33% indirect stake in OUB Centre Ltd., the owner of an 81.54% beneficial interest in the 62-story One Raffles Place building.

According to a release, OUE Commercial will fund the redemption using its existing loan facilities and cash from operations.

As of Dec. 1, US$1 was equivalent to S$1.35.