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Hi Ghchua,
OUE REIT did a Manulife US REIT for this China Sale. In end 2023 valuation, Lippo PLaza was at RMB$2,400 million. Magically on 18 December 2024, another valuation was done and valuer valued at RMB$1,769 million. Thereafter it is phrased as a 5% loss. on 3Q 2024, OUE REIT had a NAV of 60 SG cents based on end 2023 valuations. Do note Manulife US REIT did the same in their recent sale.
This is why in Para 4.2 of the announcment on SGX, the loss in equity marked by OUE is $90 million.
Secondly, with the disposal, OUE is now a full Singapore based REIT with NAV of SGD$0.59. Share price is now $0.28. Still a big discount to close since it is now all Singapore assets. Though when I looked through the valuations, I do find OUE Downtown Towers (its old, 1975, and older than most assets in Manulife US REIT) and Hilton Singapore Orchard being rather richly valued despite a short lease and rather old buildings which is now undergoing more and more freuqent refurbishments.
OUE REIT did a Manulife US REIT for this China Sale. In end 2023 valuation, Lippo PLaza was at RMB$2,400 million. Magically on 18 December 2024, another valuation was done and valuer valued at RMB$1,769 million. Thereafter it is phrased as a 5% loss. on 3Q 2024, OUE REIT had a NAV of 60 SG cents based on end 2023 valuations. Do note Manulife US REIT did the same in their recent sale.
This is why in Para 4.2 of the announcment on SGX, the loss in equity marked by OUE is $90 million.
Secondly, with the disposal, OUE is now a full Singapore based REIT with NAV of SGD$0.59. Share price is now $0.28. Still a big discount to close since it is now all Singapore assets. Though when I looked through the valuations, I do find OUE Downtown Towers (its old, 1975, and older than most assets in Manulife US REIT) and Hilton Singapore Orchard being rather richly valued despite a short lease and rather old buildings which is now undergoing more and more freuqent refurbishments.