29 Nov '14, 2pm

OUE LTD – Divestment of Crowne Plaza Changi Airport & Extension

OUE Ltd has just announced a proposed divestment sale of their crown jewel in Crowne Plaza Changi Airport (CPCA) and the future extension of Crowne Plaza Changi Airport (CPEX) to OUE-HT for a sale consideration of $290 million and $205 million respectively. Based on the assets valuation as of 31 Dec 2013, this would translate into a gain of $44.5 million for the divestment of CPCA and $71.6 million for divestment of CPEX, giving a total gain of $116.1 million for the sale. Thoughts This is not new information to us. We know that OUE Ltd was going to divest these assets into their hospitality trust sooner or later but the timing of the announcement was quicker than expected. Many property management would develop and like to see their assets and occupancy stabilized before injecting them into the Reits. But not this management. It appears that the …

Full article: http://thefinance.sg/2014/11/29/oue-ltd-divestment-of-cro...

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