OUE Commercial Real Estate Investment Trust said yesterday it would buy OUE Hospitality Trust in a cash-and-stock deal worth $1.37 billion, creating one of Singapore's largest Reits.
Under the deal, OUE Commercial will issue 1.3583 new shares for every OUE Hospitality share and pay $0.04075 per share in cash.The combined Reit will have total assets of about $6.8 billion and will trade under OUE Commercial on the Singapore Exchange, the companies said in a joint statement. The deal will"significantly enhance our visibility within the S-Reits universe and increase our relevance to a wider investor base", said Ms Tan Shu Lin, chief executive officer of OUE Commercial Reit Management, the manager for OUE Commercial.
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