Singapore-listed OUE Hospitality Trust announced on 6 April that it has received applications for a total of 618,095,338 rights units in its rights issue exercise.

The number represents approximately 139.9% of the total number of units available under the original rights issue exercise that was first announced in March 2016.

The exercise to issue rights units at an issue price of SGD0.54 per unit aimed to raise gross proceeds of approximately SGD238.6 million, mainly to fund the trust’s acquisition of the Crowne Plaza Changi Airport Extension.

“The acquisition of Crowne Plaza Changi Airport Extension will allow OUE Hospitality Trust to further benefit from Changi Airport’s growth in the coming years as Terminal 4 is expected to be completed in 2017 and Jewel Changi Airport is expected to open in 2019", said Christopher Williams, chairman of the REIT component’s manager.

The acquisition of Crowne Plaza Changi Airport Extension is expected to complete by mid-2016.

The new rights units will be listed and quoted on the Singapore Exchange from 9.00 a.m. on 13 April 2016.

Units of OUE Hospitality Trust are currently listed on the Singapore Exchange at SGD0.675.