OUE to Acquire US Bank Tower the Tallest Iconic Building in California for US$367,500,000 (Approximately S$459,375,000)

  OUE to Acquire US Bank Tower the Tallest Iconic Building in California for
  US$367,500,000 (Approximately S$459,375,000)

Business Wire

SINGAPORE -- March 11, 2013

As part of its efforts to strengthen its portfolio of commercial properties
and enhance long term shareholder value, Overseas Union Enterprise Limited
(“OUE” or the “Group”) is pleased to announce it is to acquire the US Bank
Tower and related properties Maguire Gardens and a car park facility in
downtown Los Angeles.

US Bank Tower is a Class A office property at the foot of Bunker Hill. Rising
to 1,018 feet, with 72 floors of office accommodation and six levels of
underground parking, it has an area of approximately 1.4 million square feet.
The building was completed in 1989. US Bank Tower is about 56.3% occupied with
a diverse tenant base.

The total acquisition price is US$367,500,000, or approximately S$459,375,000
(based on an exchange rate of US$1.00 : S$1.25). OUE, through its wholly-owned
U.S. subsidiary Beringia Central LLC, is acquiring the properties from Library
Square Associates, LLC, a subsidiary of MPG Office Trust Inc. (NYSE:MPG), a US

Building on OUE’s strengths

OUE Executive Chairman Dr Stephen Riady commented, “After a successful 2012,
OUE is seeking new avenues for growth where value can be identified and
realized. We intend to bring our knowledge and network to bear in pursuing new
opportunities to generate value for shareholders.”

He added, “US Bank Tower is a well-positioned building that we expect to
appeal to a broad base of both local and international office tenants
operating in California.”

OUE intends to leverage on its strengths in leasing and asset repositioning to
increase occupancy and net operating income yield on the asset. OUE has
developed expertise from its active lease management of office and retail
properties in Singapore. The Singapore focus will continue after this

About Overseas Union Enterprise Limited

Overseas Union Enterprise Limited (SGX-ST: “OUE”) is a diversified real estate
owner, developer and operator with a complete portfolio of prime assets in key
locations in Singapore, and hotels in Malaysia and the People’s Republic of

OUE consistently grows its business by leveraging its brands and proven
expertise in developing and managing landmark assets across the commercial,
hospitality, retail and residential sectors primarily in Singapore. With its
core strategy of investing in and enhancing a stable of distinctive
properties, OUE is committed to developing a portfolio that has a strong
recurrent income base, balanced with development profits, to enhance long-term
shareholder value.

For the latest news from OUE, visit us at www.oue.com.sg

About MPG Office Trust, Inc.

MPG Office Trust, Inc. is the largest owner and operator of Class A office
properties in the Los Angeles central business district. MPG Office Trust,
Inc. is a full-service real estate company with substantial in-house expertise
and resources in property management, leasing and financing.

For more information on MPG Office Trust, Inc., visit its website at


Media Contact:
ADDO Communications
Mr Lasse Glassen, Director
Tel: +1 (310) 829 5400 (Time Zone: Los Angeles)
12121 Wilshire Blvd, Suite #775
Los Angeles, CA 90025
Investor Relations Contact:
Mr Rudi Chuan, Chief Financial Officer
Tel: 6809-6000 (Time Zone: Singapore)
Fax: 6809-6063
50 Collyer Quay #18-01/02
Singapore 049321
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