Planned OUE REIT to include Shanghai's Lippo Plaza
SINGAPORE Oct 17 (Reuters) - OUE Commercial Trust, a property trust controlled by Singapore-listed developer and hotelier OUE Ltd, will buy an office and shopping complex in Shanghai ahead of a listing that is likely to take place early next year, according to regulatory filings.
OUE Commercial Trust will acquire the 38-storey Lippo Plaza along Huaihai Middle Road, an upmarket shopping district, from Hong Kong-listed Lippo China Resources Ltd, whose chairman Stephen Riady is also the boss of OUE.
Lippo Plaza has been independently valued at 2.03 billion yuan ($332.81 million), according to a filing late on Wednesday by Lippo China Resources to the Hong Kong Stock Exchange.
Lippo China Resources expects to gain a net profit of around HK$168.5 million ($21.73 million) from the deal, which will involve the sale of holding company Tecwell Group to a unit of OUE Commercial Trust for HK$843.5 million.
OUE, which is controlled by Indonesia's Riady family, raised $476 million in July through the listing of a hospitality trust in Singapore.
OUE had said previously that OUE Commercial Trust's initial portfolio could include the OUE Bayfront, an 18-storey office building in Singapore's central business district.
($1 = 6.0995 Chinese yuan) ($1 = 7.7548 Hong Kong dollars) (Reporting by Kevin Lim; Editing by Stephen Coates)
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