OUE Commercial Trust

OUE Commercial Trust: Announced that it will buy an office and shopping complex in Shanghai ahead of a listing that is likely to take place early next year. OUE Commercial Trust will acquire the 38-storey Lippo Plaza along Huaihai Middle Road, an upmarket shopping district, from Hong Kong-listed Lippo China Resources Ltd, whose chairman Stephen Riady is also the boss of OUE. Lippo Plaza has been independently valued at ($413m). OUE had said previously that OUE Commercial Trust's initial portfolio could include the OUE Bayfront, an 18-storey office building in Singapore's central business district. We note that this gives OUE room for a possible divestment gain and another potential special dividend going forward.