OUE REIT Completes Divestment of Lippo Plaza

MT Newswires2024-12-30

OUE REIT (SGX:TS0U) completed the divestment of its equity interest in Lippo Realty which owns the Lippo Plaza in Shanghai, through its subsidiary, Tecwell, according to a filing with the Singapore Exchange on Friday.

The aggregate consideration of the sale shares in approximately SG$357.4 million, representing a loss of around SG$16.6 million.

The property is located in the commercial district of Huangpu and comprises of 91.2% share of strata ownership of a Grade A 36-storey commercial building with retail podium and carpark lots.

The disposal is part of the REIT's strategy to optimize its portfolio composition while proceeds will provide the REIT's manager with financial flexibility to pay off debt, undertake acquisitions and to commence a distribution per unit.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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