OUE Limited (LJ3) said on Jun, 24 2026 that its newly formed trustee-manager, OUE TC TM Pte. Ltd., has signed definitive agreements to acquire the 575-room Crowne Plaza Changi Airport hotel and its operating business through a joint venture with Tokyo Century Corporation.
The joint venture vehicle, OUE TC Airport Hotel Pte. Ltd., is 51% owned by OUE’s unit RD Property Holdings Pte. Ltd. and 49% by Tokyo Century’s subsidiary TC Realty SG Pte. Ltd. The partners will inject fresh equity and arrange up to 325 million Singapore dollars in acquisition financing, secured on the property, to fund the deal.
Under a put and call option agreement with DBS Trustee Ltd (as trustee of OUE Hospitality Sub-Trust of OUE Real Estate Investment Trust), the joint venture will purchase the hotel’s leasehold property at 75 Airport Boulevard for 500 million Singapore dollars. A separate business transfer pact covers the takeover of the hotel operations from OUE Airport Hotel Pte. Ltd. for a price equal to the adjusted net asset value at completion.
Completion of both the property and business acquisitions is subject to conditions that include approvals from Changi Airport Group, OUE REIT unitholders and various regulatory consents. Settlement is intended 20 business days after the relevant option exercise.
OUE said the transaction aligns with its “asset-right” strategy and follows its March 25 2025 hotel joint venture with Tokyo Century for the planned Hotel Indigo Changi Airport. The company does not expect the new deal to have a material impact on its net tangible assets or earnings per share for the year ending Dec, 31 2026.
The Crowne Plaza Changi Airport, comprising a 332-room main wing and a 243-room extension, sits on a leasehold site expiring Aug, 29 2083 and has been voted the World’s Best Airport Hotel at the Skytrax World Airport Awards for 11 consecutive years.
Comments