Singapore-listed hotel and property group Overseas Union Enterprise (OUE) plans to include Shanghai’s Lippo Plaza in the initial portfolio of its proposed OUE Commercial Trust.
In a stock exchange filing late Wednesday night, the company says OUE Commercial Trust will buy the 36-storey Lippo Plaza in Shanghai from Hong Kong-listed Lippo China Resources.
Earlier, OUE has said that its commercial REIT will likely include OUE Bayfront, an 18-storey office building located at Collyer Quay.
The company added that the listing of the proposed OUE Commercial Trust is still subject to market conditions and various relevant approvals to be obtained.
Channel NewsAsia understands that banks involved in the IPO (initial public offering) deal include Standard Chartered Bank and OCBC Bank.
Source : Channel NewsAsia – 17 Oct 2013