Its stake will rise to 65%.
OUE has inked a sale and purchase agreement in a bid to raise its stake in OUE C-REIT to 65% for $165.97m.
According to the company’s announcement, the completion of the SPA will land OUE with 64.98% of the issued units in OUE C-REIT.
The announcement also noted that the $165.97m consideration will be satisfied wholly in cash. The purchase price, to be paid wholly in cash, is at a discount of about 14% to the net tangible asset value per unit of $0.95 as at 31 December 2015.
The stake acquisition will allow OUE to enhance its stake in OUE C-REIT and through this, OUE can participate in and derive a stable earnings stream from OUE C-REIT’s regular and burgeoning distributable income.
Do you know more about this story? Contact us anonymously through this link.