Key Milestones

  1. SEP

    Merger with OUE H-Trust became effective, with a broadened investment mandate to span the commercial and hospitality sectors

    OUE C-REIT announced the reconstitution of the Board of Directors following the merger. The Board welcomed Mr Lee Yi Shyan as the new Chairman of the Board and Mr Christopher James Williams was re-designated as Deputy Chairman.

    Dr Lim Boh Soon and Mr Jonathan Miles Foxall relinquished their positions as Independent Non-Executive Director and Non-Independent Non-Executive Director respectively.

    Mr Ong Kian Min and Mr Liu Chee Ming were appointed as Independent Non-Executive Directors.

    OUE C-REIT is the winner of the Platinum Award (Hybrid REITs) at the Asia Pacific Best of the Breeds REITs Awards 2019

    AUG

    Extraordinary General Meeting of OUE C-REIT’s Unitholders for the proposed merger was held and the resolution passed with 95.69% voting FOR the transaction

    The resolution to approve the proposed merger at the Trust Scheme Meeting for Stapled Securityholders of OUE H-Trust was passed. 89.47% of the Stapled Securityholders present and voting voted FOR the transaction, with 96.19% of the Stapled Securities represented by votes voting FOR the transaction

    Sanction of the Trust Scheme by the High Court of the Republic of Singapore

    APR

    Announced the proposed merger with OUE Hospitality Trust (“OUE H-Trust”) by way of a trust scheme of arrangement to create one of the largest diversified S-REITs of approximately S$6.9 billion in total assets

  2. NOV

    Completed acquisition of OUE Downtown Office. The acquisition was partly funded with proceeds from rights issue (S$587.5 million) and unsecured bank facilities

    OCT

    Launched underwritten and renounceable rights issue to raise gross proceeds of approximately S$587.5 million to partially finance the acquisition of OUE Downtown Office

    SEP

    Announced proposed acquisition of the office components of OUE Downtown (“OUE Downtown Office”) and underwritten renounceable rights issue to raise S$587.5 million in gross proceeds to part-finance the acquisition

    Extraordinary General Meeting of Unitholders was held and the resolution for the proposed acquisition of OUE Downtown Office was passed with 98.10% voting FOR the transaction

    AUG - OCT

    Obtained various unsecured bank facilities with tenure between 3 and 5.5 years totaling S$650 million for refinancing existing debt. As a result, the proportion of unsecured debt increased from 13.8% to 47.4%

    JUN

    Commenced asset enhancement initiatives at One Raffles Place Shopping Mall with co-working operator Spaces by IWG anchoring the project

    JAN

    Redemption of S$100.0 million of convertible perpetual preference units

  3. NOV

    Redemption of S$75.0 million of convertible perpetual preference units

    Completed chillers upgrade at One Raffles Place Tower 1, achieving utilities cost savings from improved energy efficiency

    SEP

    Debut issuance of S$150.0 million 3.03% medium-term notes due 2020

    MAR

    Raised gross proceeds of S$150.0 million via a private placement of new units

  4. DEC

    Obtained S$680.0 million 5-year facility to refinance loans due in 2017 and 2019 ahead of maturity

    OCT

    Completed asset enhancement at Lippo Plaza office tower, achieving high and above market-occupancy of 94.5% by year-end

    AUG

    Commenced phased asset enhancement initiatives at One Raffles Place Tower 1 to upgrade its mechanical and engineering equipment

    JUL

    Completed early refinancing of RMB onshore loan due in 2017, with an 8-year facility

  5. OCT

    Completed the acquisition of an effective 67.95% indirect interest in One Raffles Place, increasing assets-under-management to S$3.4 billion. The acquisition was financed by proceeds from the rights issue (S$218.3 million) and issuance of S$550.0 million in convertible perpetual preference units, with the balance funded via debt

    AUG

    Established a S$1.5 billion Multi-Currency Debt Issuance Programme

    Commenced phased asset enhancement initiatives at Lippo Plaza office tower to upgrade common areas and restrooms

    JUL

    Extraordinary General Meeting of Unitholders was held and the resolution for the proposed acquisition of One Raffles Place was passed with 99.98% voting FOR the transaction

    JUN

    Announced maiden acquisition of an effective 67.95% indirect interest in One Raffles Place

    Launched equity fund raising of S$218.3 million via underwritten and renounceable rights issue to part-finance the proposed acquisition of an indirect interest in One Raffles Place

  6. JAN

    Listed on SGX-ST on 27 January with initial property portfolio comprising OUE Bayfront and Lippo Plaza valued at S$1.6 billion