OUE Commercial REIT SGX S-REIT Corporate Day 2021 31 March 2021
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OUE Commercial REIT SGX S-REIT Corporate Day 2021 31 March 2021
Important Notice
This presentation should be read in conjunction with the announcements released by OUE Commercial REIT (“OUE C-REIT”) on 28 January 2021 (in relation to its
Financial Results for Second Half 2020 and Financial Year ended 31 December 2020).
This presentation is for information purposes only and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for units in
OUE C-REIT (“Units”). The value of Units and the income derived from them, if any, may fall or rise. The Units are not obligations of, deposits in, or guaranteed by,
OUE Commercial REIT Management Pte. Ltd. (the “Manager”), DBS Trustee Limited (as trustee of OUE C-REIT) or any of its affiliates. An investment in the Units is
subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE C-REIT is not necessarily indicative of the
future performance of OUE C-REIT.
This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially
from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. These forward-looking statements speak only as
at the date of this presentation. Past performance is not necessarily indicative of future performance. No assurance can be given that future events will occur, that
projections will be achieved, or that assumptions are correct. Representative examples of these factors include (without limitation) general industry and economic
conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income,
changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. You are
cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s current view of future events.
Investors should note that they will have no right to request the Manager to redeem their Units while the Units are listed on the Singapore Exchange Securities
Trading Limited (the “SGX-ST”). It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does
not guarantee a liquid market for the Units.
The information and opinions contained in this presentation are subject to change without notice.
2
Agenda
▪ Overview
▪ Financial Performance and Capital Management
▪ Commercial Segment
▪ Hospitality Segment
▪ Looking Ahead
3
Overview
Overview of OUE C-REIT
One of the
Largest Diversified
Total Assets
7 7 High quality
prime assets
SGX-listed REITs S$ 6.8 billion(1)
High quality prime assets
3
6 properties in Singapore and 1 Asset classes
property in Shanghai
OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza Mandarin Gallery Mandarin Orchard Singapore Crowne Plaza Changi Airport
Strong Support Investment Mandate
OUE Group
More than
in net lettable area 2.0 mil sq ft
✓ Commercial
48.0% stake (1)
1,640 upscale
hotel rooms
✓ Hospitality / Hospitality-related
(1) As at 31 December 2020 5
Milestones Since Listing
▪ Maiden acquisition ▪ Re-branding of
of One Raffles Mandarin Orchard
Place (67.95% Singapore to Hilton
effective interest) Singapore Orchard
➢ Total assets of ▪ Acquisition of ▪ Established S$2.0 billion Multi-Currency Debt
S$3.4 billion OUE Downtown Issuance Programme, and issued S$100 million
Office 4.0% fixed rate notes due 2025
▪ Established S$1.5 billion
Multi-Currency Debt ➢ Total assets of ▪ Obtained S$900 million of facilities(1) for 2020
Issuance Programme S$4.5 billion and 2021 refinancing requirements
JAN
2014 2015 2017 2018 2019 2020
2021
▪ Merger with OUE Hospitality ▪ Asset
▪ Debut issuance of
Trust by way of a trust recycling via
S$150 million 3.03%
scheme of arrangement divestment of
fixed rate notes due
(effective 4 Sep 2019) 50% interest
2020
▪ Listed on SGX-ST ➢ Total assets of in OUE
with two assets – S$6.8 billion Bayfront
OUE Bayfront and at 7.3% premium to book
Lippo Plaza value and 26.1%
➢ Total assets of premium to purchase
S$1.6 billion consideration
(1) Facilities were upsized to S$978 million upon exercise of greenshoe option as announced on 23 March 2021 6
Quality Portfolio
Strategically Located Assets in Prime Business Districts
Singapore Shanghai
OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza
▪ Commercial assets situated in the three key office submarkets in Singapore of Marina Bay, Raffles ▪ Benefits from Shanghai’s
Place and Shenton Way, where medium term supply is limited dominant position as a major
▪ Delivered resilient performance in a challenging operating environment, underpinning OUE C-REIT’s financial and service hub in
revenue contribution China
Mandarin Gallery Mandarin Orchard Singapore Crowne Plaza Changi Airport
Legend
▪ Strategically located assets along the prime Orchard Road belt and within the Changi Airport vicinity
are well-positioned to benefit from the authorities’ focus on Singapore as a key business and leisure Commercial (Office and/or retail)
destination
Hospitality
▪ Hospitality assets to benefit from continued investment in tourism infrastructure across the city, as well
as government support for the sector
7
Portfolio Composition
Mandarin Crowne Plaza
Gallery Changi Airport Hotel master lease
Crowne Plaza
7.2% 7.7% agreements provide
Changi
Airport One Raffles Mandarin minimum rent of
Gallery One Raffles
7.2% Place S$67.5 million
7.8% Place Retail
27.6% 25.2% per annum(3)
14.8% Hospitality
Lippo Plaza 23.1%
8.4% Lippo Plaza
8.9%
By By By
Asset Revenue Segment
Value(1) Contribution(2) Contribution(2)
OUE
Downtown OUE
Office Downtown
13.8% Office
OUE Bayfront 14.7% Office
OUE Bayfront 62.1%
18.1% 20.3%
Mandarin Orchard Mandarin
Singapore Orchard
17.7% Singapore
15.4%
◼ 91.6% of assets under ◼ No single asset contributes more ◼ 62.1% of FY 2020 revenue
management in Singapore than 25.2% to total revenue underpinned by the office segment
Commercial segment comprises the office and/or retail contribution from OUE Bayfront, One Raffles Place (67.95% effective interest), OUE Downtown Office, Lippo Plaza (91.2% strata interest) and Mandarin Gallery
(1) Based on independent valuations as at 31 December 2020 and SGD:CNY exchange rate of 1:4.912 as at 31 December 2020
(2) For FY 2020
(3) Mandarin Orchard Singapore and Crowne Plaza Changi Airport’s master lease agreements are subject to a minimum rent of S$45.0 million and S$22.5 million per annum respectively, totalling S$67.5 million per annum
8
Tenant Base and Lease Expiry Profile –
All Segments
Others
Maritime & Logistics 1.6% Pharmaceuticals & Healthcare
2.4% 1.4%
Services
IT, Media & 3.5% Hospitality (1)
Telecommunications 22.4% Office Retail Hospitality 21.8%
4.0%
Real Estate & Property
Services 17.6%
4.2%
15.3%
Manufacturing &
Distribution 13.1%
4.3%
Legal
4.5%
7.1% 6.8%
4.3% 5.2%
Energy & Commodities
3.9% 3.3%
5.1%
1.1%
0.5% 0.0%
Food & Beverage
2020 2021 2022 2023 2024 2025 and
5.3%
Banking, Insurance & beyond
Financial Services
20.9% WALE(2) of 3.4 years by Gross Rental Income
Retail
9.4%
Accounting & As of Dec 2020 As at 31 Dec 2020
Consultancy Services
11.0%
Note: Tenant by trade sector is based on gross rental income excluding any provisions of rental rebates
(1) Refers to contribution from Mandarin Gallery and all other retail components within OUE C-REIT’s portfolio
(2) “WALE” refers to the weighted average lease term to expiry. Based on committed tenancies and excludes turnover rent 9
Financial Performance & Capital Management
Key Highlights
FY 2020 Net Property Distribution to Distribution NAV per Unit
Financial Income Unitholders per Unit (as at 31 Dec 2020)
Highlights
S$231.9 m S$132.8 m 2.43 cents S$0.59
FY 2019: S$205.0 m FY 2019: S$123.2 m FY 2019: 3.31 cents As at 31 Dec 2019: S$0.62
Commercial Segment(1) Singapore Office Portfolio WALE
FY 2020
Committed Occupancy FY 2020 Rental Reversions by Gross Rental Income
Portfolio
Performance
92.5 % 5.3 % - 20.1 % 3.4 years
Capital Aggregate
Leverage
Weighted Average
Cost of Debt
Average Term S$900 m
Management of Debt new facilities(2)
as at
31 Dec 2020
41.2 % 3.0 % 2.3 years obtained to refinance
debt maturing in
4Q 2019: 40.3% 4Q 2019: 3.4% 4Q 2019: 2.2 years 2020 and 2021
(1) Commercial segment comprises OUE Bayfront, One Raffles Place (67.95% effective interest), office components of OUE Downtown (“OUE Downtown Office”), Lippo Plaza
(91.2% strata interest) and Mandarin Gallery
(2) Facilities were upsized to S$978 million upon exercise of greenshoe option as announced on 23 March 2021 11Key Highlights
Divestment ▪ Divestment of OUE Bayfront, OUE Tower and OUE Link to a fund managed by Allianz Real Estate Asia
of 50% Pacific Pte. Ltd.
interest in ▪ Agreed value of S$1,267.5 million or S$3,170 psf represents 7.3% premium to book value as at 31
OUE December 2020, and 26.1% premium to purchase consideration at listing
Bayfront
▪ Divestment proceeds provide OUE C-REIT the opportunity to optimise its capital structure and enhance
financial flexibility
Agreed Value Premium to Estimated Net
Book Value / Purchase Consideration Proceeds
S$1,267.5 m /
S$3,170 psf 7.3 % / 26.1% S$262.6 m
12Capital Management
▪ Obtained S$900 million of facilities in December 2020, of which S$450 million was utilised to refinance debt due in
December 2021 ahead of maturity
➢ ~14% of debt remains due for refinancing in 2021
➢ Term of debt increased to 2.3 years as at 31 December 2020; average cost of debt lower at 3.0% per annum
Debt Maturity Profile as at 31 December 2020
As at 31 Dec 2020 As at 30 Sep 2020
S$ million
Aggregate Leverage 41.2% 40.3% 23
Total debt S$2,664m(1) S$2,666m(2)
271
Weighted average cost of debt 3.0% p.a. 3.1% p.a. 830 490
Average term of debt 2.3 years 1.6 years 250
370
% fixed rate debt 68.1% 76.3% 150 180
100
-
Average term of fixed rate debt 1.9 years 2.0 years 2021 2022 2023 2024 2025
Secured RMB Loan MTN
Interest coverage ratio(3) 2.7x 2.7x Share of OUB Centre Limited's Unsecured SGD Loan
Unsecured SGD Loan
Secured SGD Loan
(1) Based on SGD:CNY exchange rate of 1:4.912 as at 31 December 2020 and includes OUE C-REIT’s share of OUB Centre Limited’s loan
(2) Based on SGD:CNY exchange rate of 1:4.960 as at 30 September 2020 and includes OUE C-REIT’s share of OUB Centre Limited’s loan
(3) Interest coverage ratio as prescribed under Appendix 6 of the Monetary Authority of Singapore’s Code on Collective Investment Schemes (last revised on 16 April 2020) 13Commercial Segment
Commercial Segment Occupancy
▪ Commercial segment committed occupancy remained stable quarter-on-quarter (“QoQ”) at 92.5% as at 31 December 2020
▪ Committed office occupancy improved 0.4 percentage points (“ppt”) to 92.7% due to higher committed office occupancy at
Lippo Plaza, which improved by 3.7 ppt QoQ to 86.5%
▪ Mandarin Gallery’s committed occupancy decreased 2.8 ppt QoQ to 91.1% given the ongoing challenges facing the retail
segment. Including short term leases to accommodate tenants’ requirements, committed occupancy is 96.4%
Office: 92.7% Retail: 91.1% Commercial: 92.5%
Market: 96.1%(1)
100.0%
Market: 85.1%(2) 92.5%
92.1% 92.1% 91.1%
86.5%
OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza Mandarin Gallery Commercial Segment
As at 31 Dec 2020
(1) Source: CBRE Singapore MarketView 4Q 2020 for Singapore core CBD Grade A office occupancy of 96.1%
(2) Source: Colliers Shanghai Office Market Overview 4Q 2020 for Shanghai CBD Grade A office occupancy of 85.1% 15Office Segment Occupancy
Singapore
▪ OUE Bayfront’s committed office Chart Title
occupancy remained at 100%, 100% 100.0%
demonstrating resilience amidst a 96.1%
95%
challenging operating environment 92.1%
92.1%
▪ One Raffles Place’s committed office 90%
occupancy declined 0.8 ppt QoQ to 92.1% 85%
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
▪ OUE Downtown Office’s committed office
occupancy remained stable at 92.1% OUE Bayfront One Raffles Place OUE Downtown Office Singapore Core CBD Office
Shanghai
100%
▪ Second consecutive quarterly 95%
improvement in Lippo Plaza’s committed 90%
86.5%
office occupancy. Increased 3.7 ppt in 4Q 85% 85.1%
2020 to 86.5% with proactive leasing 80%
75%
strategies to capitalise on the rebound in
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
leasing momentum
Lippo Plaza Shanghai CBD Grade A Office
Source: CBRE, Colliers Shanghai
16Committed Office Rents In Line Or Above Market
▪ Singapore office properties continued to achieve rents which were in line or above their respective market rents
▪ 4Q 2020 Singapore office rental reversions ranged from -0.8% to 19.3%. For FY 2020, rental reversions were between
5.3% to 20.1%
Average Expired Comparable Sub-market Rents
4Q 2020 Committed Rents(1) Sub-market
Rents Colliers(2) Savills(3)
Singapore
New Downtown/
OUE Bayfront S$10.66 S$10.80 – S$12.90 S$11.28 S$12.39
Marina Bay
One Raffles Place S$9.49 S$8.90 – S$11.50 Raffles Place S$9.70 S$9.67
Shenton Way/
OUE Downtown Office S$7.50 S$7.50 – S$8.50 S$10.05 S$8.59 – S$8.76
Tanjong Pagar
Shanghai
Lippo Plaza - RMB8.25 – RMB9.10 Puxi RMB8.64 RMB9.50(4)
(1) Committed rents for renewals and new leases
(2) Source: Colliers Singapore Office Quarterly 4Q 2020 for Singapore comparable sub-market rents; Colliers Shanghai Office Market Overview 4Q 2020 for Shanghai comparable sub-market rents
(3) Source: Savills Singapore Office Briefing 4Q 2020 for Singapore comparable sub-market rents; Savills Shanghai Grade A Office Market Report 4Q 2020 for Shanghai comparable sub-market rents
(4) Shanghai Grade A office rent for prime districts of Nanjing Road West, Huaihai Middle Road and Lujiazui as defined by Savills
Note: For reference, CBRE Research’s 4Q 2020 Grade A Singapore office rent is S$10.40 psf/mth. Sub-market rents are not published 17Average Office Passing Rents
S$ psf/mth
11.75 11.85 11.65 11.76 11.85 11.98 12.03 12.09 12.26 12.25 ▪ Average passing office rent
11.43 11.60
10.40 10.58
10.26 10.28 9.88 9.90 9.92
largely stable for Singapore
9.92 9.45 9.61 9.68 9.69
9.56
9.50 office properties. OUE
7.92
Singapore 6.94 7.00 7.16 7.21 7.27 7.31 7.39 7.44 Downtown Office passing rent
(Office) increased 6.5% QoQ to S$7.92
psf due to a significant lease
renewal
2013 (1) 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
OUE Bayfront One Raffles Place OUE Downtown Office
RMB psm/day 9.97
▪ Average passing office rent for
9.89
9.79 9.81 9.86
9.75 9.70
Lippo Plaza declined to
9.65 9.64
9.45
9.54 RMB9.39 psm/day due to
9.39
Shanghai
intense leasing competition
9.14
(Office)
9.06 amidst significant office supply
2013 (1) 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Lippo Plaza
(1) Pro forma average passing rents as at 30 September 2013 as disclosed in OUE C-REIT’s Prospectus dated 17 January 2014 18Top 10 Tenants – Commercial Segment
Top 10 Tenants
5.9%
By Gross Rental Income 26.8%
5.0%
4.7%
2.2%
1.9%
1.7%
1.5%
1.3% 1.3% 1.3%
(1)
Deloitte & Bank of Luxury Allen & Overy Aramco Asia Virgin Active Hogan Lovells OUE Limited Aviva Ltd Professional
Touche LLP America Merrill Ventures LLP Singapore Pte. Singapore Pte Lee & Lee Investment
Lynch Ltd. Ltd Advisory
Services Pte
Ltd
As of Dec 2020
(1) Including the hotel master lease arrangements for Mandarin Orchard Singapore and Crowne Plaza Changi Airport, where OUE Limited is the master lessee, OUE Limited’s contribution
to the portfolio by gross rental income is 23.5%
19Mandarin Gallery
Committed Occupancy(1)
▪ Shopper traffic and sales stabilised at approximately
96.8% 99.1% 100.0% 99.5% 98.2% 98.3% 97.8% 80% and 70% of pre-COVID levels respectively
94.4% 93.9% 91.1%
▪ The Manager adopted flexible leasing strategies to
support tenants’ requirements. Including short term
leases, committed occupancy is 96.4%
1%
5%
5%
3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
7%
Average Passing Rents
S$ psf/mth 9% Tenant Mix 58%
24.60 by GRI
23.60 23.60 23.60
22.50 22.47 22.62
22.30 22.42 15%
21.95 21.95 22.02
21.70
As of Dec 2020
2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Fashion & Accessories Food & Beverage
Hair & Beauty Travel
Living & Lifestyle Watches & Jewellery
(1) Excludes short-term leases 20Hospitality Segment
Hospitality RevPAR Performance
4Q 2020 vs 3Q 2020 FY 2020 vs FY 2019
(S$) (S$)
17.8% 65.4% 39.8% 57.2%
Flat 8.0%
216 209
196
135
115 118
95 88 90
74 74 75
Mandarin Orchard Crowne Plaza Changi Hospitality Segment Mandarin Orchard Crowne Plaza Changi Hospitality Segment
Singapore Airport Singapore Airport
4Q 2020 3Q 2020 FY 2020 FY 2019
▪ For 4Q 2020, higher QoQ RevPAR for Crowne Plaza Changi Airport was mainly due to additional demand
from the air crew segment as more flights resume. While staycations enjoy higher room rates, contribution
from this segment is small due to limited capacity due to safe management measures.
▪ For FY 2020, Mandarin Orchard Singapore’s RevPAR declined 65.4% YoY to S$75, while RevPAR for
Crowne Plaza Changi Airport declined 39.8% YoY to S$118. Crowne Plaza Changi Airport performed better
as it was able to serve the air crew and aviation segment due to its location in the airport vicinity.
22Looking Ahead
Changing Dynamics in Property Landscape
Office Retail Hospitality
▪ Occupiers are focused on space ▪ Uncertainty about economic and ▪ Limited positive impact to visitor
rationalisation in view of weak employment outlook is expected to numbers expected from Singapore’s
economic prospects. Demand continue to weigh on discretionary various Safe Travel arrangements
expected to remain subdued expenditure including the unilateral opening of
borders for visitors from selected
▪ While more employees are returning ▪ Operating environment remains countries
to the workplace, work-from-home challenging for retailers relying on
and other flexible working short-term visitors and office-based ▪ Demand in 2021 expected to be
arrangements will continue to be employees driven by SHNs and domestic
on the rise tourism
▪ Landlords supportive of tenants
▪ Tenants are increasingly focused on looking to broaden and pivot their ▪ Seek opportunities in alternative
ensuring a clean and safe offering as they adapt to the new uses e.g. work-from-hotel
environment for employees, as norm
▪ Guests are placing high importance
well as their health and well-being
on cleanliness and hygiene, as
well as contactless hotel procedures
24Navigating Through 2021
Proactive Asset Preserving Cash Increased Focus on
Management & Flow & Financial Cleanliness, Health
Tenant Engagement Flexibility & Well-being
▪ Tenant retention remains a key ▪ Focus on cost management and ▪ Leveraging on smart and
focus; continue to monitor business cash conservation contactless technology such as
environment closely to recalibrate facial recognition, sensors and auto-
leasing strategies as suited ▪ Proactive and prudent capital temperature screening for tenants
management including optimising and visitors
▪ Quality office space in the three capital structure and proactive
major Singapore office submarkets to refinancing ▪ Enhanced cleaning and
meet occupiers’ different needs disinfection measures including
▪ Rental collections for portfolio antimicrobial coating for high-touch
▪ Exercise flexibility in lease remain healthy at above 90% points and UV light air purifying
management and terms to support systems to improve indoor air quality
occupiers’ space requirements ▪ Rent deferments(1) manageable at
S$0.5 million ▪ Hotels are certified SG Clean in
▪ Reposition and reconfigure spaces addition to strengthened cleanliness
to adapt to changing tenant procedures
requirements
(1) Includes tenants who have invoked the Notice of Relief under the COVID-19 (Temporary Measures Act), as well as those under flexible repayment schemes as at 31 December 2020 25Driving Value Creation for Unitholders
Capitalise on opportunities to Strengthen portfolio fundamentals to
enhance value drive organic growth
AEI to create value Proactive asset management to drive occupancy
Transformational re-branding of Mandarin and rents. Support tenants’ evolving space
Orchard Singapore to Hilton Singapore Orchard requirements and prioritise retention to sustain
to reposition the hotel and capitalise on the occupancy
eventual recovery in the hospitality sector
Cost management and cash conservation to
Portfolio reconstitution preserve cash flows and maintain financial flexibility
Partial divestment of OUE Bayfront to realise
value of capital appreciation and optimise capital Operational and service quality enhancements
structure to capture higher yielding growth to respond to the increased focus on health and
opportunities well-being for employees, visitors and guests
Supported by OUE C-REIT’s well-diversified portfolio of
high quality and strategically located properties
26Re-branding of Mandarin Orchard Singapore to
Hilton Singapore Orchard
▪ Transformational re-branding with addition of new income-
generating spaces to drive growth in sustainable returns
and value
▪ Re-branding will allow the hotel to leverage on Hilton’s
strong brand recognition and global sales & distribution
network
New Lobby Lounge on Level 5
▪ Re-branded hotel set to become Hilton’s flagship in
Singapore and the largest Hilton hotel in Asia-Pacific
Level 1 drop off and arrival
Income assurance for Unitholders - Downside
protection from master lease throughout phased
renovation and ramping-up period
Note: Images are artist impressions and are subject to changes. 27Divestment of 50% Interest in OUE Bayfront to
Fund Managed by Allianz Real Estate
▪ Agreed value of S$1,267.5 million or S$3,170 per sq ft ▪ With increased financial flexibility, funds can
represents potentially be redeployed to:
➢ 7.3% premium over book value ✓ Pare down debt
➢ 26.1% premium over purchase consideration in 2014 ✓ Accretive acquisitions of higher yielding assets or
asset enhancement initiatives
▪ Estimated net divestment proceeds of S$262.6 million
✓ Redeem CPPUs, of which S$375.0 million remains
outstanding
✓ Commence DPU accretive Unit buy-back
Active portfolio management of assets that have optimised
performance to enhance value for Unitholders
programme to enhance long-term returns to
Unitholders
✓ Distribution of capital gains
Realise value of capital appreciation while maintaining 50%
stake in premium Grade A office building and exposure to
Singapore office market
Opportunity to optimise capital structure and increase
financial flexibility
OUE Bayfront 28Thank You
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