OUE-C REIT has entered in an agreement to purchase the office part of OUE Downtown development from its sponsor OUE. It plans to pay the price of S$908 million by raising capital on the market, with a right issue of 83 new units per 100 held.
OUE Downtown is a mixed-use development comprising two high-rise towers, located along Shenton Way in Singapore’s Central Business District. A multi-storey car park, a serviced residence component and a retail podium in the same development are excluded from the deal. The office components were 95.1 per cent occupied as at June 30, 2018, and have a weighted average lease expiry of 2.0 years when weighted by gross rental income and by net lettable area.