OUE Considering REIT for Singapore, China Commercial PropertiesWinnie Zhu
Overseas Union Enterprise Ltd., which is buying California’s tallest building, is considering setting up a commercial real estate investment trust to be listed on the main board of Singapore Exchange, the company said.
The proposed REIT may include OUE Bayfront in Singapore and commercial properties owned by Lippo China Resources Ltd., the company said in a filing to the exchange.
OUE Hospitality Trust, which owns a downtown hotel and shopping mall in Singapore, was listed in July, raising S$600 million in the initial public offering.
OUE is controlled by Executive Chairman Stephen Riady, a son of Mochtar Riady, who controls Indonesia’s Lippo Group. Lippo’s businesses include real estate, financial services and food across Asia. The company said earlier this year it’s buying the U.S. Bank Tower in Los Angeles, the tallest in the West Coast state, for $367.5 million.