The manager of OUE Commercial Real Estate Investment Trust (OUE C-Reit) has agreed to divest a 50 per cent stake in the Reit's OUE Bayfront property based on an agreed value of S$1.27 billion, or S$3,170 per square foot, to a special purpose vehicle (SPV) managed by Allianz Real Estate.

This comes after The Business Times in November 2020 reported both parties were in exclusive due diligence with a view to buying a partial stake in the building, which OUE C-Reit's manager later on confirmed but said there was no certainty any transaction would materialise at the time.