OUE Commercial REIT's OUE Bayfront in Singapore. (Photo: REITsWeek)OUE Commercial REIT's OUE Bayfront in Singapore. (Photo: REITsWeek)

Singapore-listed office REIT, OUE Commercial REIT (SGX:TS0U), announced on 8 October that it has completed the acquisition of a share in One Raffles Place.

The acquisition was effected through the REIT’s acquisition of the entire issued share capital of Beacon Property Holdings which holds an 83.33% interest in OUB Centre Limited.

“Beacon Property’s 83.33% interest in OUB Centre Limited gives OUE Commercial REIT an effective interest of 67.95% in the One Raffles Place as OUB Centre Limited owns 81.54% of the beneficial interest in the property”, said the REIT in its announcement on 8 October.

OUE Commercial REIT first announced in June 2015 that it would be acquiring the property which is located in Singapore’s Central Business District.

Units of OUE Commercial REIT last changed hands on the Singapore Exchange at SGD0.655.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.