OUE entered a deal to sell Oakwood Premier OUE Singapore serviced residences, located at the OUE Downtown property, to DHI Holding for S$287.09 million, the company said in a filing to SGX Thursday.
As part of the deal, OUE subsidiary OUE Downtown will sell its business and assets to DHI Downtown for S$1.91 million, the filing said.
The OUE Downtown is a 268-room luxury hotel and serviced apartments in the mixed-use development in Singapore’s central business district; it is managed by Oakwood Worldwide, the filing said.
OUE Commercial REIT had been given a right of first refusal to buy the property and had declined, OUE and the REIT said.
“The trustee and the trustee-manager have considered the offer and are of the view that acquiring Oakwood Premier OUE Singapore based on the proposed terms would not be accretive to OUE C-REIT’s distribution per unit,” the REIT said in a separate filing to SGX Thursday.
“As such, the trustee and the trustee-manager have decided to decline the offer,” the REIT said.