OUE Real Estate Investment Trust (SGX:TS0U) has sold its 91.2% stake in Lippo Plaza Shanghai to an unrelated third party for SG$357.4 million, marking a 5.7% net property yield, according to a Friday filing on the Singapore Exchange.
The divestment, part of a strategy to optimize its portfolio, will provide net proceeds of SG$318.2 million, the filing said.
The sale reduces OUE REIT's exposure to China, leaving it with assets solely in Singapore, including OUE Bayfront and Hilton Singapore Orchard.
The transaction is expected to be completed by the end of 2024, according to the filing.
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