First REIT's property in Singapore, Pacific Healthcare nursing home in Bukit Merah (Photo: REITsWeek)

A plan by a subsidiary of OUE Limited to acquire stakes in First REIT and its manager has received the green light.

The approval was obtained at an extraordinary general meeting (EGM) of the subsidiary, OUE Lippo Healthcare Limited (OUELH), on 11 October.

99.98% of the company’s shareholders voted in favour of two ordinary resolutions raised at the EGM in relation to the acquisitions.

These are namely the acquisition of 400,000 ordinary shares, representing 40% of the total issued share capital of First REIT’s manager, and the indirect acquisition of 83,593,683 units in First REIT itself.

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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.