OUE Limited (the " Company" ) refers to its announcement dated 25 September 2013 stating the Company was exploring the listing of OUE Commercial Trust, constituted under the laws of the Republic of Singapore, which shall invest mainly in commercial properties (the " Proposed REIT" ), and the units of which are to be listed on the Main Board of Singapore Exchange Securities Trading Limited (the " SGX-ST" ). The Company had also announced on 25 September 2013 that the initial portfolio of the Proposed REIT is expected to include OUE Bayfront, being an 18-storey office building located at 50 Collyer Quay, together with its ancillary properties comprising a conserved tower building used for a food and beverage outlet and a link bridge with retail shops (collectively, the " OUE Bayfront Property" ). Lippo Plaza Property" ). The Lippo Plaza Property is located at No. 222, Huaihai Zhong Road, Huangpu District, Shanghai, the People?s Republic of China. The Proposed REIT has, on 16 October 2013, through a wholly-owned subsidiary, entered into a conditional sale and purchase agreement with Lippo China Resources Limited (" LCR" ), which is listed on The Stock Exchange of Hong Kong Limited (the " HKSE" ), to acquire shares in the company holding the Lippo Plaza Property. The sale and purchase agreement is conditional upon, among other things, the underwriting agreement in relation to the offering of units in the Proposed REIT becoming unconditional.

Further to the above, the Company wishes to announce that it intends to submit a draft circular to the SGX-ST for review, in respect of, among other things, the disposal of the OUE Bayfront Property to the Proposed REIT.

In addition to the OUE Bayfront Property, the initial portfolio of the Proposed REIT will include a 36-storey commercial building known as " Lippo Plaza" , excluding Unit 2 on Basement 1, the 12th, 13th, 15th and 16th Floors, and 4 car parking spaces with a total gross floor area of approximately 58,521.54 square metres (the "

The size, timeframe and terms of any offering to be made in respect of units in the Proposed REIT are currently under review and have not been decided. The listing of the Proposed REIT on the SGX-ST will be subject to, among other things, market conditions, the relevant regulatory, shareholders? and other approvals having been obtained and the execution of all definitive agreements by the relevant parties. Therefore, there is no certainty as to whether the listing of the Proposed REIT will proceed.

An announcement will be issued by the Company in the event that there is any material development in relation to the listing of the Proposed REIT. In the meantime, shareholders are advised to refrain from taking any action in respect of their shares in the Company which may be prejudicial to their interests, and to exercise caution when dealing in the shares of the Company.

 

 

discount to our revised RNAV of S$4.46/share. OUE is trading at a deep

42% discount to its RNAV.



Source: UOBKH