Key Milestones

  1. JAN

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

  2. 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


    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


    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


    Completed the acquisition of an effective 67.95% indirect interest in One Raffles Place, increasing total assets 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

  3. JUL

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


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


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


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

  4. MAR

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


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


    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

  5. JAN

    Redemption of S$100.0 million of convertible perpetual preference units


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

    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%


    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


    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


    Completed acquisition of OUE Downtown Office, increasing total assets to S$4.5 billion. The acquisition was partly funded with proceeds from rights issue (S$587.5 million) and unsecured bank facilities

  6. 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


    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


    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

  7. MAR

    Established a S$2.0 billion Multicurrency Debt Issuance Programme to enable OUE C-REIT to tap on diversified sources of funding

    Announced the re-branding of Mandarin Orchard Singapore to Hilton Singapore Orchard. Asset enhancement works will be carried in phases throughout 2021. Upon its relaunch in 2022, the property will be the largest Hilton hotel in the Asia-Pacific and Hilton's flagship in Singapore, featuring 1,080 well-appointed rooms with 3,765 square metres of meeting facilities including three ballrooms


    Issuance of S$100.0 million 4.0% medium-term notes due 2025


    OUE C-REIT was awarded in the Real Estate Category at the Singapore Business Review Listed Companies Awards 2020, which recognises the initiatives of publicly-listed companies with significant business impact


    Obtained S$900 million in loan facilities for refinancing requirements, of which S$450 million was utilised to refinance debt due in December 2020 ahead of maturity

  8. JAN

    Announced the divestment of 50% interest in OUE Bayfront to a fund managed by Allianz Real Estate Asia Pacific Pte. Ltd.. The agreed value of S$1,267.5 million or S$3,170 per sq ft represents 7.3% premium over its book value as at 31 December 2020 and 26.1% premium over the property's purchase consideration in 2014


    Completed divestment of 50% interest in OUE Bayfront


    Issuance of S$150.0 million 3.95% medium-term notes due 2026


    Joined the FTSE EPRA Nareit Global Real Estate Index Series (Global Developed Index) which is designed to track the performance of listed real estate companies and REITs worldwide


    Obtained first sustainability-linked loan of S$540 million to refinance existing borrowings, in line with OUE C-REIT's commitment to reduce environmental impact of the portfolio. The resultant debt maturity profile is well spread out with no further refinancing requirements until December 2022. Pro forma average term of debt is expected to lengthen to 3.5 years with average cost of debt stable at 3.2% per annum

  9. FEB

    Opening of Hilton Singapore Orchard, Hilton's flagship hotel in Singapore and the largest Hilton in Asia-Pacific. Following a rebranding and extensive refurbishment, the property (formerly known as Mandarin Orchard Singapore) features 1,080 guestrooms and suites, enhanced facilities for meetings, incentives, conventions and exhibitions (“MICE”), as well as revamped F&B offerings and fresh dining concept Osteria Mozza by famed American chef Nancy Silverton.


    Issuance of S$150.0 million 4.20% medium-term notes due 2027 with a coupon step-down of 25 basis points upon obtaining an investment grade rating, a first in Singapore's capital markets.


    Successfully completed a S$978 million unsecured sustainability-linked loan (“SLL”), the largest SLL in Singapore's real estate sector in 2022, to refinance existing secured borrowings. The refinancing was 1.26x oversubscribed and supported by 19 banks. Post refinancing, the proportion of unsecured debt significantly increases to 70.2% while SLLs account for 58% of total debt.

  10. JUN

    Completed 2023 refinancing with third sustainability-linked loan, increasing sustainability financing to approximately 70% of total debt, one of the highest amongst S-REITs.


    Commenced S$22 million asset enhancement at Crowne Plaza Changi Airport with master lessee, OUE Limited, to convert underutilised spaces into additional guest rooms, an extensive revamp of the all-day dining restaurant, as well as new and flexible meeting facilities to drive sustainable returns.


    Assigned investment grade credit rating of BBB- with stable outlook by S&P Global Ratings, resulting in cost savings for 4.20% fixed rate notes due 2027 as the interest rate steps down by 25 basis points to 3.95% effective 5 November.


    Developed the Green Financing Framework aligned with Green Bond Principles (2021) and Green Loan Principles (2023). Sustainable Fitch provided a Second Party Opinion of 'Good'.

  11. JAN

    Renaming to OUE REIT to better reflect the REIT’s vision and mission to be a leading diversified REIT of hospitality, office and retail assets.