SINGAPORE (June 10): OUE Commercial REIT (OUE C-REIT) announced that it is acquiring an indirect interest in One Raffles Place, through the acquisition of between 75% to 83.33% interest in OUB Centre from OUE Limited.

OUB Centre is the owner of One Raffles Place and owns a 81.54% beneficial interest in One Raffles Place.

This is OUE C-REIT's first acquisition since it listed on Jan 27 last year.

Based on an agreed value of $1.72 billion of OUB Centre's interest in One Raffles Place, representing $2,382 psf of net lettable area, the value of the acquisition is expected to be between $1.29 billion to $1.43 billion.

The purchase value is therefore expected to be between $1.03 billion and $1.15 billion.

One Raffles Place comprises two premium office towers and a retail mall.

Post-acquisition, OUE C-REIT will have a portfolio of $3.4 billion, of which 85.3% is from Singapore.

OUE C-REIT closed at 68.5 cents as at June 10.