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SG OUE acquires US Bank Tower

Property Here - Wednesday, June 19, 2013

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Singapore property developer Overseas Union Enterprise (OUE) has successfully completed the acquisition of the US Bank Tower for US$367.5 million or around S$459.375 million from Library Square Associates, a unit of US REIT MPG Office Trust.

Based on a previous company announcement dated 11 March, the sale was made through the company’s indirect wholly-owned subsidiary, Beringia Central.

Moving forward, the developer “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,” it said.

“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.”

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email