OUE Hospitality and OUE Commercial REIT agreed to merge.

OUE Hospitality and OUE Commercial REIT, two Singapore-based real estate investment trusts, agreed to merge. Under the proposed scheme, OUE C-Reit will acquire OUE H-Trust by paying OUE H-Trust holders, for every OUE H-Trust stapled security held, S$0.04075 in cash plus 1.3583 new OUE C-Reit units. This translates to a deal valuation of S$1.5bn total, with S$74.6m in cash and the remaining balance paid by the issue of about 2.5bn new OUE C-Reit units to OUE H-Trust holders at S$0.57 per OUE C-Reit unit. The merged entity will be one of Singapore's largest Reits by assets. It will have seven properties under its umbrella: four from OUE C-Reit — OUE Bayfront, One Raffles Place, OUE Downtown Office, Lippo Plaza, and three from OUE H-Trust — Mandarin Orchard Singapore, Mandarin Gallery and Crowne Plaza Changi Airport.