OUE Completes Acquisition of US Bank Tower
SINGAPORE--(BUSINESS WIRE)-- Further to our announcement on March 11, 2013, the Board of Directors of Overseas Union Enterprise Limited ("the Company") is pleased to announce that it has today completed the acquisition of US Bank Tower (the "Acquisition").
As previously announced, the Acquisition was done via an indirect wholly owned subsidiary company, Beringia Central LLC, by purchasing the total agreed upon acquisition price of US$367,500,000, or approximately S$459,375,000 (based on an exchange rate of US$1.00 : S$1.25) from Library Square Associates, LLC, a subsidiary of MPG Office Trust Inc. (NSYE:MPG), a US REIT.
About Overseas Union Enterprise Limited
Overseas Union Enterprise Limited (SGX-ST: "OUE") is a diversified real estate owner, developer and operator with a complete portfolio of prime assets in key locations in Singapore, and hotels in Malaysia and the People's Republic of China.
OUE 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. 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.
For the latest news from OUE, visit us at www.oue.com.sg
Mr Lasse Glassen, Director,
Tel +1-310-829-5400 (Time Zone: Los Angeles)
12121 Wilshire Blvd, Suite #775
Los Angeles, CA 90025
Investor Relations Contact:
Overseas Union Enterprise Limited
Mr Rudi Chuan, Chief Financial Officer
Tel: 6809-6000 (Time Zone: Singapore) Fax: 6809-6063
50 Collyer Quay #18-01/02
KEYWORDS: United States Asia Pacific North America California Singapore
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